| Judicial foreclosure requires the filing of a lawsuit typically done when a deficiency is sought or to have rents collected by a receiver during the foreclosure process. A judicial foreclosure typically takes one year to complete. Mortgagor has the right of redemption which may be as long as one year after the sale. Non-Judicial foreclosure uses the "power of sale" in the Deed of Trust to sell the property without court proceedings. California Civil Code section 2924 governs all non-judicial foreclosures in California. A non-judicial foreclosure take about four months to complete. There is no right to collect a deficiency and the trustor has no right to redeem the property after the sale. Because of the savings in the costs to foreclose, the shorter time to foreclose and the finality of the sale the most commonly used process is the non-judicial foreclosure. |
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The process of non-judicial
foreclosure is a highly
effective way to protect your
Trust Deed investment, as
long as you take certain steps
to protect your interests
throughout the process.
foreclosure is a highly
effective way to protect your
Trust Deed investment, as
long as you take certain steps
to protect your interests
throughout the process.
