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 ?
A nonjudicial foreclosure is allowed when a power of sale clause is required in the state.
120) If this is the case, the Uniform Nonjudicial Foreclosure Act ("UNFA") will be of fundamental importance.
Foreclosure can be either judicial or nonjudicial; judicial foreclosures require a successful suit prior to sale, whereas lenders may only go to court in a nonjudicial foreclosure to enforce an eviction after sale.
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.
A 5,608-SF home in the Sorrells Road area of west Little Rock changed hands after a $635,000 nonjudicial foreclosure sale.
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.
8) Bevilacqua held that the purchaser at an invalid nonjudicial foreclosure sale did not have title to the property, (9) while Eaton held that a foreclosure sale was invalid because the foreclosing bank did not hold the promissory note at the time of the 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.