The September Mortgage Monitor report released by Lender Processing Services Inc. continues to show significant differences between states that process foreclosures following a judicial vs. non-judicial foreclosure process.
Ranked by the percentage of loans that are non-current, seven of the top 10 states are judicial foreclosure states. Foreclosure inventories in these states continue to climb, accounting for nearly 7 percent of the entire active loan count. Additionally, foreclosure timelines in these states continue to extend at a greater rate than in non-judicial foreclosure states. The time from last payment to foreclosure sale in judicial states is 761 days, 6 months longer than in non-judicial states. Consequently, foreclosure sales in judicial foreclosure states remain very low, with only 1.6 percent of those states’ foreclosure
inventories moving to sale.
Judicial foreclosures are processed through the courts, beginning with the lender filing a complaint and recording a notice of Lis Pendens. Non-judicial foreclosures are processed without court intervention, with the requirements for the foreclosure established by state statutes.
From C.A.R. Newsline
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