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Updated almost 5 years ago on . Most recent reply

Joe Pifer's profile image
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Joe Pifer
  • from Pembroke, Virginia
  • Member since Jan 30, 2018
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Joe Pifer's profile image
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Joe Pifer
  • from Pembroke, Virginia
  • Member since Jan 30, 2018
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Joe Pifer
  • Pembroke, VA
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Foreclosures

Judicial and Non-Judicial foreclosure

Joe Pifer
  • Pembroke, VA
Posted

Hello everyone. What is the difference between a judicial and non-judicial foreclosure?

And how does it affect a buyer?

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Joe Homs's profile image
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Joe Homs
  • Flipper
  • from Mission Viejo, CA
  • Member since Apr 3, 2014
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Joe Homs
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Joe Homs
  • Flipper
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Joe Homs
  • Flipper
  • Mission Viejo, CA
Replied

@Joe Pifer it does not affect the buyer only the seller.  The short answer is Judicial (Court Action) the bank can come after the seller for a deficiency in the loan.  In a non-judicial the bank just takes the house back as the collateral payment for the loan.

Good Investing...

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