Читать книгу Foreclosure Investing For Dummies - Ralph R. Roberts - Страница 37

A few more than half the states follow the trustee-sale route. When the homeowners purchase a property in one of these states, the county issues a sheriff’s deed that the trustee (which may be the sheriff in some areas) holds in trust until the mortgage is paid in full. After paying off the mortgage, the trustee releases the deed to the homeowners.

If the homeowners default on the payment, the lender can notify the trustee to initiate foreclosure proceedings. Then the trustee can sell the property and transfer the proceeds to the lender as payment of the loan. Because the foreclosure doesn’t need to progress through the courts, foreclosure by trustee sale is typically much faster than foreclosure by judicial sale.