What is a Judicial Foreclosure?

Also called foreclosure by judicial sale, Judicial Foreclosure occurs when the courts handle all the proceedings of the foreclosure and make sure that there won't be any more problems for the purchaser of the property. It is a more lengthy process taking up to a year versus approximately 3 months for a Non-Judicial Foreclosure. Judicial Foreclosure is also more expensive than Non-Judicial Foreclosure.

Though this type of foreclosure is rather expensive and time consuming since the court will conduct investigation regarding the said foreclosure; the court will also make sure that all the persons connected to the transaction will be duly informed of the said hearing. It still has its advantages as since less problems will likely crop up especially to the new owner of the foreclosed property. Read the rest of this entry »