If you are in first trust position, you should be able to collect. But the IRS — and many condo associations — may have liens that take priority over your loan.
Benny Kass is a practicing attorney in Washington, D. He does not provide specific legal or financial advice to any reader. Readers may email him, but he cannot guarantee a personal response. Related: In condo association, how do you define a nuisance? Mold, leaks, corroded pipes: After moving into new house, buyers uncover flood of issues ».
A condo owner suspects mold in nearby unit because of radiator leak. Do those owners have a duty to fix it? Skip to content. In one type of foreclosure, you have to go to court and get a judicial order authorizing the foreclosure, and in the other, a private auction company, or even the local sheriff, can conduct the sale.
Latest Real Estate. Condo Adviser: Do you have a noisy neighbor? How long a foreclosure takes. The judicial foreclosure process can be lengthy, frequently lasting several months—or years in some cases.
Learn about states with a long foreclosure timeline. In states that use a nonjudicial foreclosure process, the court system is minimally involved, if at all. In fact, a nonjudicial foreclosure is typically handled entirely out of court by a trustee , which the lender designates in the deed of trust that the borrower signs when buying the home. Or the lender might substitute a different trustee later on to handle the foreclosure.
Nonjudicial foreclosure procedures differ widely from state to state. In some states, the trustee provides the homeowner with a notice of default that lets the homeowner know that the trustee intends to foreclose on the home.
The homeowner is then given a period of time to get current on the loan or negotiate a way to prevent a foreclosure.
The trustee might also have to send a notice with details about the sale. Depending on state law, though, the lender might:. If the homeowner can't cure the default or otherwise find a way to avoid foreclosure, the trustee sells the home at a foreclosure sale. For details about nonjudicial foreclosures, see How Nonjudicial Foreclosures Work. The nonjudicial foreclosure process is generally quicker and less expensive than the judicial process, often lasting just a few months or less.
To learn more about the timelines for judicial and nonjudicial foreclosures, see our articles Timeline for a Judicial Foreclosure and Timeline for a Nonjudicial Foreclosure. Foreclosure laws and procedures vary from state to state and, again, sometimes depend on the individual circumstances of the case. While the above descriptions provide general information about the two primary foreclosure processes, if you're facing a foreclosure, you should become familiar with the specific laws and procedures in your state.
Consulting with an attorney or a HUD-approved housing counselor is strongly recommended. Also, be aware that that states sometimes have different laws and procedures if the property being foreclosed is a commercial property, multifamily home, timeshare, or undeveloped land, rather than a single-family residence.
Foreclosure Contents. Justia Foreclosure Judicial vs. Non-Judicial Foreclosure Judicial vs. Non-Judicial Foreclosure. Judicial Foreclosure The lender will bring a lawsuit in court, and a judge will review the evidence submitted by both sides.
Non-Judicial Foreclosure The lender will not go to court at the start of the process but will pursue a foreclosure with the assistance of a foreclosure trustee. Mortgage Servicers. Foreclosure Trustees. Strict Foreclosures. Expedited Foreclosures. Tax Debt Leading to Foreclosure. Homeowners' Association Liens Leading to Foreclosure. Timeshare Foreclosures. Investment Property Foreclosures. Manufactured Home Foreclosures. Reinstatement and Payoff to Prevent Foreclosure.
Divorce and Foreclosure Prevention. Natural Disasters and Foreclosure Prevention. Deciding Whether to Fight a Foreclosure. Impact of Liens and Second Mortgages on Foreclosure. Foreclosure Scams.
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