Читать книгу Foreclosure Investing For Dummies - Ralph R. Roberts - Страница 38

Fewer than half the states follow a judicial foreclosure process. As the name implies, judicial foreclosure passes through the justice system: the state (circuit) or district court. When the homeowners default on their mortgage, the lender files a claim to recover the unpaid balance of the loan from the borrowers. The courts decide the case, which usually takes a long time to resolve — typically four to six months, but sometimes up to a year. During this time, unless the homeowners work out a payment plan or some other solution with the lender, they’re almost guaranteed to lose their home.