The following chart shows a comparison of the processes of Mortgage Judicial Foreclosure and Trust Deed Non-Judicial Foreclosure.
Mortgage Judicial Foreclosure | Trust Deed Non-Judicial Foreclosure |
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Borrower Defaults | Borrower Defaults |
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File Complaint (Initiate Law Suit) | Beneficiary authorizes Trustee to proceed with Foreclosure |
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Record Lis Pendens | Record Notice of Default |
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Court Hearing Date set for Sale | Period of Equitable Redemption Trustor can reinstate |
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Advertise the Sale | Advertise the Sale |
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Sell to highest bidder Buyer pays cash at sale. | Sell to highest bidder Buyer pays cash at sale. |
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Buyer receives Certificate of Sale | Trustee conveys Trustee’s Deed to Buyer |
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Period of Statutory Redemption (Right of Redemption) | Deficiency Judgment Unlikely |
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Sheriff’s Deed Conveyed to Buyer Evict Mortgagor | |
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Possible Deficiency Judgment |