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Foreclosure is a legal process by which the lender tries to recover the balance of a loan from a borrower who has stopped making payments to the lender by petitioning the courts to sell the house used as the collateral for the loan.
The foreclosure process varies from state to state, and will depend if the state uses mortgages or deeds of trust for the home purchase.
Typically, when a state uses mortgages, they conduct judicial foreclosures. When a state uses deeds of trust, they conduct non-judicial foreclosures. The main difference between the two processes is that the judicial process requires a court action on a foreclosed home.
Judicial Foreclosure States
Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont & Wisconsin.
Non-Judicial Foreclosure States
aka, Power of Sale Foreclosure
Alabama, Alaska, Arizona, Arkansas, California*, Colorado, Georgia, Idaho, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, North Carolina, Oregon, Rhode Island, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, and Wyoming.
* – Mostly