nonjudicial foreclosure

nonjudicial foreclosure

A foreclosure under a power of sale in a mortgage.It enables the lender to give the appropriate notices required under state law and then sell the mortgaged property to the highest bidder,which could be the lender itself.

References in periodicals archive ?
But the act also is intended to be an overlay to existing law and not, for example, force a nonjudicial foreclosure state to convert to judicial foreclosure.
On June 1,2013, legislative revisions to the foreclosure laws took effect in Nevada, making it easier for lenders to use a nonjudicial foreclosure process.
A 5,608-SF home in the Sorrells Road area of west Little Rock changed hands after a $635,000 nonjudicial foreclosure sale.
The Bank of New York Mellon: Plaintiff seeking declaratory relief voiding nonjudicial foreclosure.
At the same time, states where foreclosures are processed through the judicial system have had much less of a reduction in their stocks of foreclosures than nonjudicial foreclosure states.
After taking the lead in the fight against nonjudicial foreclosure legislation, it became clear to the section that the interests of all Floridians would be better served by seeking well-reasoned reforms to Florida's judicial foreclosure process.
State Foreclosure Mitigation Strategies: A Comparison of Round 1 and 2 Hardest Hit Fund Plans in States with Nonjudicial Foreclosure Processes, Dan Immergluck, Social Science Research Network, Oct.
In order to confirm a nonjudicial foreclosure sale under Georgia law, the trial court must be presented with evidence that the property sold for its true market value.
Wrong: In California, lenders can choose between the judicial or nonjudicial foreclosure process.
Under nonjudicial foreclosure by "power of sale," the mortgaged property is sold without court supervision in the event of borrower default, again with the sale proceeds used to pay the outstanding balance of the mortgage and any other liens.
One would repeal the prohibition against a bankruptcy judge modifying a mortgage on a debtor's principal residence, and also allow for an automatic waiver of the counseling requirement in any Chapter 13 case where notice of a pending judicial or nonjudicial foreclosure has been received.