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 ?
The case involved a Colorado homeowner who sued a law firm retained to carry out a nonjudicial foreclosure of his property.
Because the IRS did not receive proper notice, the tax liens were not discharged by the nonjudicial foreclosure sale, and they remained on the property.
Lewis also received a nonjudicial foreclosure notice on his Riverdale condo.
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.
(7.) 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.
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.
Legislatures have decided that protecting the rights of property owners is worth the higher cost of judicial foreclosure relative to nonjudicial foreclosure. These costs may change depending on whether homes stay occupied or are vacated by the owners during the 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.