Depending on the state, judicial foreclosures can take anywhere from six months up to three years. The mortgage servicer or company that provides mortgage services must wait for the borrower to become in default on 120 days before they can begin the foreclosure process.
The servicer will then send a breach notice to the debtor informing them that they are in default of their mortgage. The servicer will then notify the debtor with a breach letter. This gives them 30 days to remedy the default. If they fail to do so, they can file for foreclosure proceedings.
Next, the foreclosing party files a lawsuit in county where the property is located. The court requests that the home be sold to satisfy the debt. The foreclosing party also includes a petition to foreclose that explains why a judge should grant a foreclosure judgment. Unless the borrower can present a defense , the court will issue a foreclosure judgment.
Depending on where the property is located, the foreclosing party might also be entitled to a deficiencies judgment. A deficiency judgement allows the house to go at a foreclosure sale with a lesser amount than the outstanding mortgage debt. The deficiency is the difference between the mortgage debt and the sale price. The deficiency can be brought against the borrower in most states.
