| Judicial |
Non-Judicial |
Process Period |
Sale Publication |
Redemption Period |
Sale/NTS |
| No |
Yes |
60 Days |
24 Days |
None |
Trustee |
Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a mortgage contains the Statutory Power of Sale. A "power of sale" clause authorizes the sale of property to pay off the balance on a loan in the event of a default. In mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".
Power of Sale Foreclosure Guidelines
A notice of sale must be mailed to the borrower at least 25 days before the sale, published once a week for 3 weeks with the first publication appearing not less than 20 days before the sale in a newspaper of general circulation in the county where the property is located. The notice should contain the time, date and place of sale, a description of the property as well as a "warning" to the borrower, informing him the property is going to be sold and what rights he has to stop the procedure. The Notice must also be sent to any party with a recorded interest in the property within 30 days of the scheduled foreclosure sale and to the Tax Collector of the City or Town.
The foreclosure sale must be held on site of the property itself. The property will be sold to the highest bidder.
Borrowers have no rights of redemption.
Information provided by the law firm of Marinosci Ceritto & Shapiro, P.C. (www.mcs-lawfirm.com).