Foreclosures
We handle both judicial and non-judicial foreclosures from start to finish. The main difference between the two types of foreclosures is that in a non-judicial foreclosure there is no right of redemption and the trustee sale is final. However, the lender is not entitled to obtain a deficiency judgment against the borrower if the property does not bring enough money at the sale to pay off the loan in full. The lender is limited to the proceeds of the property.
In a judicial foreclosure, the lender obtains a judgment for forclosure of the property which includes a writ of sale. The writ of sale is delivered to the Marshal who sells the property to satisfy the debt. If the property does not bring enough money to satisfy the loan in full, the lender can seek a deficiency judgment against the borrower for the difference between the balance due on the loan, and the fair market value of the property. A deficiency judgment may not be available if the loan is a purchase money loan.
Homeowner assessments by an Association can be collected by either a non-judicial foreclosure or a judicial foreclosure. If the property does not sell for enough to satisy the assessments, the Association is entitled to a judgment against the homeowner for the balance due.