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Why Short Sales Work
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Foreclosure & Judicial vs. Non-Judical States
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Short Sale Lenders List
Judicial vs. Non-Judical States
Whether a states is a Mortgage State or a Deed-of-Trust State is important when contemplating a Short Sale if the lender moves slowly. Today lenders are more receptive to Short Sales as we are several years into a real estate recession began in late 2006 and lenders have come to the conclusion that standing on ceremony just exacerbates their loss. However, some lenders are still slow to approve Short Sales and when this occurs, it is important to know if your property is located in a Mortgage State or a Deed-of-Trust State.
Generally, states that use mortgages conduct judicial foreclosures; states that use deeds of trust conduct non-judicial foreclosures. The principal difference between the two is that a judicial procedure requires court action and takes much longer. Non-judicial states which require no court action have a very fast foreclosure period.
With
a Deed of Trust you give your lender ownership of your property subject to
your right to occupy as long as you make your payment every month.
Consequently, the lender can foreclose if you fail to pay without going to
court.
The
following is a list of the Mortgage states and Deed of Trust states.
States
in RED have both Deeds of Trust and
Mortgages. This means that you have to check which one you have to
know how fast your lender can foreclose..
|
STATE |
JUDICIAL |
NON-JUDICIAL |
|
Mortgage |
Deed
of Trust |
|
Lien
Theory |
|
Alabama |
X |
X |
Alaska |
|
X |
Arizona |
X |
X |
Arkansas |
X |
X |
California |
|
X |
Colorado |
|
X |
Connecticut |
X |
|
Delaware |
X |
|
District
Of Columbia |
|
X |
Florida |
X |
|
Georgia |
|
X |
Hawaii |
|
X |
Idaho |
|
X |
Illinois |
|
X |
Indiana |
X |
|
Iowa |
X |
|
Kansas |
X |
|
Kentucky |
X |
X |
Louisiana |
X |
|
Maine |
|
X |
Maryland |
X |
X |
Massachusetts |
|
X |
Michigan |
X |
X |
Minnesota |
|
X |
Mississippi |
|
X |
Missouri |
|
X |
Montana |
|
X |
Nebraska |
|
X |
Nevada |
|
X |
New
Hampshire |
|
X |
New
Jersey |
X |
|
New
Mexico |
|
X |
New
York |
X |
|
North
Carolina |
|
X |
North
Dakota |
X |
|
Ohio |
X |
|
Oklahoma |
X |
|
Oregon |
|
X |
Pennsylvania |
X |
|
Rhode
Island |
|
X |
South
Carolina |
X |
|
South
Dakota |
X |
X |
Tennessee |
|
X |
Texas |
|
X |
Utah |
|
X |
Vermont |
X |
|
Virginia |
|
X |
Washington |
|
X |
West
Virginia |
|
X |
Wisconsin |
X |
|
Wyoming |
|
X |
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