Frederick A Neustein, an attorney with the Law Offices of Charles L Neustein PA and www.StopForelcosureLawyer.com respectfully submits the following:

Florida Foreclosure Fraud Protection Law Enacted.

The Attorney General clarified that this new law will not apply to the Attorney / Client relationship or the way attorneys are paid when they are hired to help distressed homeowners.  This law brings much needed protection to those consumers / homeowners who have been taken advantage of by Mortgage Loan Modification Companies – many of which are scams…

Effective October 1st, 2008



501.1377 Violations involving homeowners during the course of residential foreclosure proceedings.

(1) LEGISLATIVE FINDINGS AND INTENT.–The Legislature finds that homeowners who are in default on their mortgages, in foreclosure, or at risk of losing their homes due to nonpayment of taxes may be vulnerable to fraud, deception, and unfair dealings with foreclosure-rescue consultants or equity purchasers. The intent of this section is to provide a homeowner with information necessary to make an informed decision regarding the sale or transfer of his or her home to an equity purchaser. It is the further intent of this section to require that foreclosure-related rescue services agreements be expressed in writing in order to safeguard homeowners against deceit and financial hardship; to ensure, foster, and encourage fair dealing in the sale and purchase of homes in foreclosure or default; to prohibit representations that tend to mislead; to prohibit or restrict unfair contract terms; to provide a cooling-off period for homeowners who enter into contracts for services related to saving their homes from foreclosure or preserving their rights to possession of their homes; to afford homeowners a reasonable and meaningful opportunity to rescind sales to equity purchasers; and to preserve and protect home equity for the homeowners of this state.

(2) DEFINITIONS.–As used in this section, the term:

(a) “Equity purchaser” means any person who acquires a legal, equitable, or beneficial ownership interest in any residential real property as a result of a foreclosure-rescue transaction. The term does not apply to a person who acquires the legal, equitable, or beneficial interest in such property:

1. By a certificate of title from a foreclosure sale conducted under chapter 45;

2. At a sale of property authorized by statute;

3. By order or judgment of any court;

4. From a spouse, parent, grandparent, child, grandchild, or sibling of the person or the person’s spouse; or

5. As a deed in lieu of foreclosure, a workout agreement, a bankruptcy plan, or any other agreement between a foreclosing lender and a homeowner.

(b) “Foreclosure-rescue consultant” means a person who directly or indirectly makes a solicitation, representation, or offer to a homeowner to provide or perform, in return for payment of money or other valuable consideration, foreclosure-related rescue services. The term does not apply to:

1. A person excluded under s. 501.212.

2. A person acting under the express authority or written approval of the United States Department of Housing and Urban Development or other department or agency of the United States or this state to provide foreclosure-related rescue services.

3. A charitable, not-for-profit agency or organization, as determined by the United States Internal Revenue Service under s. 501(c)(3) of the Internal Revenue Code, which offers counseling or advice to an owner of residential real property in foreclosure or loan default if the agency or organization does not contract for foreclosure-related rescue services with a for-profit lender or person facilitating or engaging in foreclosure-rescue transactions.

4. A person who holds or is owed an obligation secured by a lien on any residential real property in foreclosure if the person performs foreclosure-related rescue services in connection with this obligation or lien and the obligation or lien was not the result of or part of a proposed foreclosure reconveyance or foreclosure-rescue transaction.

5. A financial institution as defined in s. 655.005 and any parent or subsidiary of the financial institution or of the parent or subsidiary.

6. A licensed mortgage broker, mortgage lender, or correspondent mortgage lender that provides mortgage counseling or advice regarding residential real property in foreclosure, which counseling or advice is within the scope of services set forth in chapter 494 and is provided without payment of money or other consideration other than a mortgage brokerage fee as defined in s. 494.001.

(c) “Foreclosure-related rescue services” means any good or service related to, or promising assistance in connection with:

1. Stopping, avoiding, or delaying foreclosure proceedings concerning residential real property; or

2. Curing or otherwise addressing a default or failure to timely pay with respect to a residential mortgage loan obligation.

(d) “Foreclosure-rescue transaction” means a transaction:

1. By which residential real property in foreclosure is conveyed to an equity purchaser and the homeowner maintains a legal or equitable interest in the residential real property conveyed, including, without limitation, a lease option interest, an option to acquire the property, an interest as beneficiary or trustee to a land trust, or other interest in the property conveyed; and

2. That is designed or intended by the parties to stop, avoid, or delay foreclosure proceedings against a homeowner’s residential real property.

(e) “Homeowner” means any record title owner of residential real property that is the subject of foreclosure proceedings.

(f) “Residential real property” means real property consisting of one-family to four-family dwelling units, one of which is occupied by the owner as his or her principal place of residence.

(g) “Residential real property in foreclosure” means residential real property against which there is an outstanding notice of the pendency of foreclosure proceedings recorded pursuant to s. 48.23.

(3)  PROHIBITED ACTS.–In the course of offering or providing foreclosure-related rescue services, a foreclosure-rescue consultant may not:

(a) Engage in or initiate foreclosure-related rescue services without first executing a written agreement with the homeowner for foreclosure-related rescue services; or

(b) Solicit, charge, receive, or attempt to collect or secure payment, directly or indirectly, for foreclosure-related rescue services before completing or performing all services contained in the agreement for foreclosure-related rescue services.

(4)  FORECLOSURE-RELATED RESCUE SERVICES; WRITTEN AGREEMENT.–

(a)  The written agreement for foreclosure-related rescue services must be printed in at least 12-point uppercase type and signed by both parties. The agreement must include the name and address of the person providing foreclosure-related rescue services, the exact nature and specific detail of each service to be provided, the total amount and terms of charges to be paid by the homeowner for the services, and the date of the agreement. The date of the agreement may not be earlier than the date the homeowner signed the agreement. The foreclosure-rescue consultant must give the homeowner a copy of the agreement to review not less than 1 business day before the homeowner is to sign the agreement.

(b)  The homeowner has the right to cancel the written agreement without any penalty or obligation if the homeowner cancels the agreement within 3 business days after signing the written agreement. The right to cancel may not be waived by the homeowner or limited in any manner by the foreclosure-rescue consultant. If the homeowner cancels the agreement, any payments that have been given to the foreclosure-rescue consultant must be returned to the homeowner within 10 business days after receipt of the notice of cancellation.

(c)  An agreement for foreclosure-related rescue services must contain, immediately above the signature line, a statement in at least 12-point uppercase type that substantially complies with the following:

HOMEOWNER’S RIGHT OF CANCELLATION

YOU MAY CANCEL THIS AGREEMENT FOR FORECLOSURE-RELATED RESCUE SERVICES WITHOUT ANY PENALTY OR OBLIGATION WITHIN 3 BUSINESS DAYS FOLLOWING THE DATE THIS AGREEMENT IS SIGNED BY YOU.

THE FORECLOSURE-RESCUE CONSULTANT IS PROHIBITED BY LAW FROM ACCEPTING ANY MONEY, PROPERTY, OR OTHER FORM OF PAYMENT FROM YOU UNTIL ALL PROMISED SERVICES ARE COMPLETE.

IF FOR ANY REASON YOU HAVE PAID THE CONSULTANT BEFORE CANCELLATION, YOUR PAYMENT MUST BE RETURNED TO YOU NO LATER THAN 10 BUSINESS DAYS AFTER THE CONSULTANT RECEIVES YOUR CANCELLATION NOTICE.

TO CANCEL THIS AGREEMENT, A SIGNED AND DATED COPY OF A STATEMENT THAT YOU ARE CANCELING THE AGREEMENT SHOULD BE MAILED (POSTMARKED) OR DELIVERED TO (NAME) AT (ADDRESS) NO LATER THAN MIDNIGHT OF (DATE) .

IMPORTANT: IT IS RECOMMENDED THAT YOU CONTACT YOUR LENDER OR MORTGAGE SERVICER BEFORE SIGNING THIS AGREEMENT.

YOUR LENDER OR MORTGAGE SERVICER MAY BE WILLING TO NEGOTIATE A PAYMENT PLAN OR A RESTRUCTURING WITH YOU FREE OF CHARGE.

(d) The inclusion of the statement does not prohibit the foreclosure-rescue consultant from giving the homeowner more time in which to cancel the agreement than is set forth in the statement, provided all other requirements of this subsection are met.

(e) The foreclosure-rescue consultant must give the homeowner a copy of the signed agreement within 3 hours after the homeowner signs the agreement.

(5)   FORECLOSURE-RESCUE TRANSACTIONS; WRITTEN AGREEMENT.–

(a)  1. A foreclosure-rescue transaction must include a written agreement prepared in at least 12-point uppercase type that is completed, signed, and dated by the homeowner and the equity purchaser before executing any instrument from the homeowner to the equity purchaser quitclaiming, assigning, transferring, conveying, or encumbering an interest in the residential real property in foreclosure. The equity purchaser must give the homeowner a copy of the completed agreement within 3 hours after the homeowner signs the agreement. The agreement must contain the entire understanding of the parties and must include:

a. The name, business address, and telephone number of the equity purchaser.

b. The street address and full legal description of the property.

c. Clear and conspicuous disclosure of any financial or legal obligations of the homeowner that will be assumed by the equity purchaser.

d. The total consideration to be paid by the equity purchaser in connection with or incident to the acquisition of the property by the equity purchaser.

e. The terms of payment or other consideration, including, but not limited to, any services that the equity purchaser represents will be performed for the homeowner before or after the sale.

f. The date and time when possession of the property is to be transferred to the equity purchaser.

2. A foreclosure-rescue transaction agreement must contain, above the signature line, a statement in at least 12-point uppercase type that substantially complies with the following:

I UNDERSTAND THAT UNDER THIS AGREEMENT I AM SELLING MY HOME TO THE OTHER UNDERSIGNED PARTY.

3. A foreclosure-rescue transaction agreement must state the specifications of any option or right to repurchase the residential real property in foreclosure, including the specific amounts of any escrow payments or deposit, down payment, purchase price, closing costs, commissions, or other fees or costs.

4. A foreclosure-rescue transaction agreement must comply with all applicable provisions of 15 U.S.C. ss. 1600 et seq. and related regulations.

(b) The homeowner may cancel the foreclosure-rescue transaction agreement without penalty if the homeowner notifies the equity purchaser of such cancellation no later than 5 p.m. on the 3rd business day after signing the written agreement. Any moneys paid by the equity purchaser to the homeowner or by the homeowner to the equity purchaser must be returned at cancellation. The right to cancel does not limit or otherwise affect the homeowner’s right to cancel the transaction under any other law. The right to cancel may not be waived by the homeowner or limited in any way by the equity purchaser. The equity purchaser must give the homeowner, at the time the written agreement is signed, a notice of the homeowner’s right to cancel the foreclosure-rescue transaction as set forth in this subsection. The notice, which must be set forth on a separate cover sheet to the written agreement that contains no other written or pictorial material, must be in at least 12-point uppercase type, double-spaced, and read as follows:

NOTICE TO THE HOMEOWNER/SELLER

PLEASE READ THIS FORM COMPLETELY AND CAREFULLY. IT CONTAINS VALUABLE INFORMATION REGARDING CANCELLATION RIGHTS.

BY THIS CONTRACT, YOU ARE AGREEING TO SELL YOUR HOME. YOU MAY CANCEL THIS TRANSACTION AT ANY TIME BEFORE 5:00 P.M. OF THE THIRD BUSINESS DAY FOLLOWING RECEIPT OF THIS NOTICE.

THIS CANCELLATION RIGHT MAY NOT BE WAIVED IN ANY MANNER BY YOU OR BY THE PURCHASER.

ANY MONEY PAID DIRECTLY TO YOU BY THE PURCHASER MUST BE RETURNED TO THE PURCHASER AT CANCELLATION. ANY MONEY PAID BY YOU TO THE PURCHASER MUST BE RETURNED TO YOU AT CANCELLATION.

TO CANCEL, SIGN THIS FORM AND RETURN IT TO THE PURCHASER BY 5:00 P.M. ON (DATE) AT (ADDRESS) .

IT IS BEST TO MAIL IT BY CERTIFIED MAIL OR OVERNIGHT DELIVERY, RETURN RECEIPT REQUESTED, AND TO KEEP A PHOTOCOPY OF THE SIGNED FORM AND YOUR POST OFFICE RECEIPT.

I (we) hereby cancel this transaction.

Seller’s Signature

Printed Name of Seller

Seller’s Signature

Printed Name of Seller

Date

(c) In any foreclosure-rescue transaction in which the homeowner is provided the right to repurchase the residential real property, the homeowner has a 30-day right to cure any default of the terms of the contract with the equity purchaser, and this right to cure may be exercised on up to three separate occasions. The homeowner’s right to cure must be included in any written agreement required by this subsection.

(d) In any foreclosure-rescue transaction, before or at the time of conveyance, the equity purchaser must fully assume or discharge any lien in foreclosure as well as any prior liens that will not be extinguished by the foreclosure.

(e) If the homeowner has the right to repurchase the residential real property, the equity purchaser must verify and be able to demonstrate that the homeowner has or will have a reasonable ability to make the required payments to exercise the option to repurchase under the written agreement. For purposes of this subsection, there is a rebuttable presumption that the homeowner has a reasonable ability to make the payments required to repurchase the property if the homeowner’s monthly payments for primary housing expenses and regular monthly principal and interest payments on other personal debt do not exceed 60 percent of the homeowner’s monthly gross income.

(f) If the homeowner has the right to repurchase the residential real property, the price the homeowner pays may not be unconscionable, unfair, or commercially unreasonable. A rebuttable presumption, solely between the equity purchaser and the homeowner, arises that the foreclosure-rescue transaction was unconscionable if the homeowner’s repurchase price is greater than 17 percent per annum more than the total amount paid by the equity purchaser to acquire, improve, maintain, and hold the property. Unless the repurchase agreement or a memorandum of the repurchase agreement is recorded in accordance with s. 695.01, the presumption arising under this subsection shall not apply against creditors or subsequent purchasers for a valuable consideration and without notice.

(6) REBUTTABLE PRESUMPTION.– Any foreclosure-rescue transaction involving a lease option or other repurchase agreement creates a rebuttable presumption, solely between the equity purchaser and the homeowner, that the transaction is a loan transaction and the conveyance from the homeowner to the equity purchaser is a mortgage under s. 697.01. Unless the lease option or other repurchase agreement, or a memorandum of the lease option or other repurchase agreement, is recorded in accordance with s. 695.01, the presumption created under this subsection shall not apply against creditors or subsequent purchasers for a valuable consideration and without notice.

(7) VIOLATIONS. – A person who violates any provision of this section commits an unfair and deceptive trade practice as defined in part II of this chapter. Violators are subject to the penalties and remedies provided in part II of this chapter, including a monetary penalty not to exceed $15,000 per violation.



By: Frederick A Neustein

About the Author:

The North Carolina legislature has enacted new legislation to help homeowners with subprime loans avoid foreclosure.  If a homeowner with a subprime loan defaults on his loan, the lender is now required to send to the homeowner a Pre-Foreclosure Notice at least 45 days prior to filing the Notice of Foreclosure Hearing.  The Pre-Foreclosure Notice must include an itemization of all past due amounts and other charges that need to be paid in order to bring the loan current as well as a statement that the homeowner may have options available other than foreclosure.  In addition, the Notice must also include contact information for the lender, the North Carolina Office of Commissioner of Banks and other HUD approved foreclosure counseling agencies.

The intent is to give homeowners who have fallen behind on their mortgage notice before their house is actually in foreclosure that they may be facing foreclosure in the near future and that there are options available that may allow them to save their home and/or their credit score.

Fore more information about Charlotte foreclosure and foreclosure alternatives, please visit:  http://zellersrudd.com/areas_of_practice/foreclosure_alternative.aspx

Dan Zellers and Scott Rudd- Founding Partners

Dan Zellers, originally from Ohio, earned his undergraduate degree in finance and management from Defiance College and his law degree from the University of Toledo College of Law. He is a member of the North Carolina Bar, South Carolina Bar, Mecklenburg County Bar and the North Carolina Bar Association. His practice is focused on residential and commercial real estate, foreclosure alternatives, landlord-tenant laws and estate planning.

Scott Rudd, a North Carolina native, earned his undergraduate degree in accounting from Campbell University and his law degree from the Norman Adrian Wiggins School of Law at Campbell University. He is a member of the North Carolina Bar, Mecklenburg County Bar and the North Carolina Bar Association. His practice is focused on residential and commercial real estate, business formation and litigation, foreclosure alternatives and work with homeowners’ associations.

Prior to founding Zellers Rudd PLLC, Dan Zellers and Scott Rudd worked together in the real estate finance group of some of the top international law firms in the nation. They represented large national banks and servicers in multi-million dollar commercial property transactions as well as multi-billion dollar commercial loan securitizations. These transactions included the negotiation of large servicing contracts as well as conducting large commercial loan transactions, loan assumptions, defeasances, parcel releases, and other consent matters on large commercial properties located all across the nation. In addition, their work prior to that has afforded them extensive experience in all aspects of residential real estate and residential real estate transactions including loan closings, foreclosure, landlord-tenant law, work with homeowners’ associations, default judgments and private transactions.

 



By: Charlotte Foreclosure Attorney – Zellers Rudd

About the Author:

There is no doubt that it is entirely possible for you to work on your own with the bank to come to a mutually amicable solution to your foreclosure problem, but you must also keep in mind that time is of the essence in dealing with loan modifications.  While you are trying to deal with the lender or servicer precious time is slipping away. 

Most lenders and servicers continue on with the foreclosure process while you negotiate a modification or other alternative.  Your denial of a modification may not occur until the day before the foreclosure sale.  And if you do receive a modification offer, the offer might be unfair or possibly contingent on you giving up important rights. 

There are no hard and fast rules on what lenders and servicers are willing to do, so it would be very helpful to have a skilled attorney represent you and present your situation in the best light possible. An attorney can review your financial information and help you devise a strategy to reach your end goal whether it be to modify your loan to a fixed or lower rate, add back payments to the principal, temporarily reduce payments, or just to help give you enough time to sell your home or negotiate a short sale, deed in lieu, or other alternative.

An attorney can also review your loans and servicer/lenders’ actions to see if there are any violations of HOEPA, RESPA, Reg B, the Fair Debt Collections  Act,  the Fair Credit Reporting Act,  acts regarding subprime loans, predatory lending acts or any of the other consumer/borrower protections found in North Carolina and/or Federal law.  There are many rules and regulations out there that protect borrowers and consumers that you may be able to take advantage of. 

Additionally, an attorney often has contacts in Loss Mitigation, Short Sale, and other departments within servicers and lenders which can increase the efficiency of you loan modification review and so that you don’t have to spend your valuable time on hold with servicer or lender departments just to have your modification paperwork lost or to be juggled from one department to another. An attorney can make these calls, negotiate your position, propose many alternatives, advise you at each juncture and keep you updated throughout the process instead of you spending large amounts of time in limbo wondering if you are doing everything possible and whether you have explored every option to reach your goal whatever that may be.  

You may only have one shot at a loan modification or other alternative and by employing the services of an attorney you can feel assured that all possibilities and avenues have been explored. 

For more information on loan modifications and other foreclosure alternatives, please visit:  http://zellersrudd.com/areas_of_practice/charlotte_foreclosure_alternatives.aspx 

 



By: Charlotte Foreclosure Attorney – Zellers Rudd

About the Author:

Foreclosure is a terrible situation to have to experience. Unfortunately, the world-wide recession has foreclosures happening on a daily basis. Although you may feel that your world is falling apart, you might find comfort in the fact that you do not have to go through the process alone. There is someone you can turn to who can help you pull through such a difficult time. Taking care in picking out a good Chicago foreclosure lawyer is the first step to getting your life back onto the track of normalcy. It is very important that you choose an experienced lawyer, one who will not only offer you legal support, but emotional support as well. You will not be going through this process alone, and shouldn’t feel that you are.

With so many foreclosures happening all over the world, you should know that you aren’t the only one worrying about the possibility of a foreclosure, or facing an imminent foreclosure. There is one small comfort to be had from this experience, however.

Know that most foreclosures that have occurred recently haven’t been through any personal fault of the owners. Many people fell for a “minimum payment” scheme offered by their mortgage company, in which they could make a smaller mortgage payment for 3 – 5 years (usually this payment does not include interest, which is why it’s so cheap). Then, after the 3 – 5 years is up, the interest that wasn’t being paid for the first couple of years is suddenly tacked on and people are faced with a raised mortgage payment that they are unable to afford.

The chances are very likely that you know someone, be it a family member, friend, work colleague, or acquaintance, who has gone through the same thing. They may be able to give you some advice or recommend a good foreclosure lawyer to help you out.

First you need to gather a list of possible Chicago foreclosure defense lawyers. You can easily do this by searching on the internet and making a few phone calls. It’s best if you can manage to stop by each lawyer’s office, though, just to see how you get along together.

Make sure, as well, that the foreclosure defense attorney you ultimately choose is qualified to handle your case. Ask him or her about his or her experience, where he or she went to school, and things of that nature.



By: Chicago Foreclosure Defense

About the Author:

Foreclosure Laws of Individual States

We are providing information about state foreclosure laws. This information is designed to help you understand the process in each state. However, legal information is not legal advice. We are not giving legal advice. The laws of every state are different and frequently change. If necessary, seek legal or professional advice according to your situation.

We have elected to summarize each state’s laws. For a more in-depth analysis of Foreclosure Laws of Individual States, please visit this website or call 800-437-2185for a free consultation on your foreclosure prevention options.

CAUTION: Information on the Internet for the most part is incorrect! Many sites that are publicizing Foreclosure Laws have incorrect information. We went through lengthy and timely research to bring you the most up- to-date and correct information available.

MORTGAGE AND DEED OF TRUST STATES

Below you will find each state according to whether they are Mortgage, Deed of Trust or both.

Mortgage States

Alabama Louisiana North Dakota Arkansas Maine Ohio Connecticut Massachusetts Oregon Delaware Michigan Pennsylvania Florida Minnesota Rhode Island Hawaii New Hampshire South Carolina Indiana New Jersey Vermont Kansas New Mexico Wisconsin New York

Deed of Trust States

Alaska Mississippi North Carolina Arizona Missouri Virginia California Nevada Washington, DC

States that use both Deeds of Trust and Mortgages

Colorado Montana Texas Idaho Nebraska Utah Illinois Oklahoma Wyoming Iowa Oregon Washington Maryland Tennessee Georgia West Virginia Kentucky

FORECLOSURE SUMMARIES

The following summaries give some information on individual state foreclosure laws. Timelines will vary depending on specific circumstances and each situation. The timelines noted within are based on uncontested actions and assume no delays. They give the time for the sale, then the running totals for various procedures, until the end, when the longest time possible for the entire foreclosure process ends . Often, these times are longer than normal in that redemption doesn’t often occur. However, delays do – so keep this in mind – every foreclosure is a unique situation, timelines will vary from foreclosure to foreclosure, and from state-to-state. All foreclosures must be conducted under GSE guidelines.

Alabama Foreclosure Laws

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 49-73 days – sale held; 30 – 60 days if NOD is not required.

• Right of Redemption: Yes (12 months)

• Deficiency Judgments Allowed: Yes

Alaska Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 105-108 days – sale held; 108-111 deed recorded

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Arizona Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 115 days (non- judicial)

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Arkansas Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes, most circumstances

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 90 days

• Right of Redemption: Ends at sale

• Deficiency Judgments Allowed: Yes

California Foreclosure Laws

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 120 days

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Colorado Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes (usual)

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 91 days – sale held; 166 redemption expires; 173 deed recorded

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Connecticut Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 90 days – default entered;180 redemption expires

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

D.C. (Washington District of Columbia)

• Judicial Foreclosure Available: No

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust

• Timeline: 47 days – sale held; 48 deed sent for recording;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Delaware Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 170-210 days – sale held; 200-300 confirmation of sale;

• Right of Redemption: No

• Deficiency Judgments Allowed: No

Florida Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 135 days – sale held; 150 certificate of title issued;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Georgia Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes (usual)

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 37 days sale held; 48 deed sent for recording;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

 Hawaii Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline (JF): 220 days – auction; 260 confirmation; 320 conveyance;

• Timeline (NJ): 160 days – auction; 195 conveyance;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Idaho Foreclosure Laws

• Judicial Foreclosure Available: No

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust

• Timeline: 150 days – sale held; deed recorded

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Illinois Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 300 days – sale held; 345 redemption period expires; deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Indiana Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 251 days – sale held; 266 redemption period expires; deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Iowa Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 160 days – sale held; 180 redemption period expires; deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: No

Kansas Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 130 days – sale held; 210 – 495 redemption period expires; 230 – 515 file closed;

• Right of Redemption: Yes (3 to 12 months)

• Deficiency Judgments Allowed: Yes

Kentucky Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 147 days – sale held; 177 sale confirmation; 198 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Louisiana Foreclosure Laws

• Judicial Foreclosure Available: Yes (Executory and Ordinary Process)

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline (EP): 180 days – sale held; 209 deed recorded;

• Timeline (OP): 240 days – sale held; 269 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Maine Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 240 days – sale held; 270 deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Maryland Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 46 days – sale held;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Massachusetts Foreclosure Laws

• Judicial Foreclosure Available: No

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 75 days – sale held;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Michigan Foreclosure Laws

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of T rust, Mortgage

• Timeline: 60 days – sale held; 90 – 425 redemption expires, deed recorded;

• Right of Redemption: Yes (6 months is common)

• Deficiency Judgments Allowed: Yes

Minnesota Foreclosure Laws

• Judicial Foreclosure Available: No

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Mortgage

• Timeline: 90 – 100 days – sale held; 270-280 redemption expires;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Mississippi Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 90 days – sale held;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Missouri Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 60 days – sale held; 61-65 deed recorded;

• Right of Redemption: Yes (rare and difficult)

• Deficiency Judgments Allowed: Yes

Montana Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 150 days – sale held; 153 deed recorded; 163 possession transferred;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Nebraska Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Mortgage

• Timeline (JF): 142 days – sale held; 176 deed recorded;

• Timeline (NJ): 111 days – sale held; 121 deed recorded;

• Right of Redemption: Judicial 30 days; Non-judicial – no;

• Deficiency Judgments Allowed: Yes

Nevada Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline (NJ): 116 days – sale held; 118 trustee’s deed upon sale recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

New Hampshire Foreclosure

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 59 days – sale held; 75 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

New Jersey Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 270 days – sale held; 280 deed recorded; 290

• Right of Redemption: Yes (10 days )

• Deficiency Judgments Allowed: Yes

New Mexico Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 180 days – sale held; 195 deed recorded; 225 redemption expires;

• Right of Redemption: Yes (30 days )

• Deficiency Judgments Allowed: Yes

New York Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline (New York City): 445 days – sale held;

• Timeline (Outside the City):335 days – sale held;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

 North Carolina Foreclosure Law

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 110 days – sale held; 120 deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

North Dakota Foreclosure Law

• Judicial Foreclosure Available: Yes (usually)

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 150 days – entry of judgment to sale;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Ohio Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 217 days – sale held; until redemption expires and deed is recorded depends on county;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Oklahoma Foreclosure Law

• Judicial Foreclosure Available: Yes (usually)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 156 days – sale held; 186 sale confirmed; 201 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Oregon Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes (usually)

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 150 days – sale held; 160 trustee’s deed recorded;

• Right of Redemption: Rare

• Deficiency Judgments Allowed: Yes

Pennsylvania Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 270 days – sale held; 300 redemption expires and deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Rhode Island Foreclosure Law

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 74 days – sale held;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

South Carolina Foreclosure

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 150 days – sale complete; 180 redemption expires and deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

South Dakota Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes (Rare)

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 150 days – sale held; 340 redemption expires and deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Tennessee Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes (very rare)

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 40-45 days – sale held; 50-55 deed recorded

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Texas Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Home Equity Loan

• Timeline: 97 days – sale held; 102 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Utah Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instrument: Deed of T rust, Mortgage

• Timeline: 138 days – sale held; 139 deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Vermont Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 95 days – default judgment enters; 275 redemption expires and deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Virginia Foreclosure Law

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of T rust, Mortgage

• Timeline: 45 days – sale held; 60 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Washington Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of T rust, Mortgage

• Timeline: 135 days – sale held; 140-150 deed recorded

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Washington D.C. Foreclosure Law

• Judicial Foreclosure Available: No

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust

• Timeline: 47 days – sale held; 48 deed sent for recording;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

West Virginia Foreclosure Law

• Judicial Foreclosure Available: No

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 60-90 days – sale held; 120 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Wisconsin Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Deed of T rust, Mortgage

• Timeline: 290 days – sale held; 300 confirmation of sale; 305 deed recorded; 315 final title;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Wyoming Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of T rust, Mortgage

• Timeline: 60 days – sale held;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: No



By: Peter Collins

About the Author:

After the Foreclosure Hearing in which the Clerk of Superior Court approves the sale of the property being foreclosed, the Trustee will hold a Foreclosure Sale at the county courthouse in which the property is located.  At the Foreclosure Sale the Trustee invites offers to buy the property from those in attendance and then accepts the highest bid.  The highest bidder is bound by his offer the moment it is accepted. 

After the Foreclosure Sale, there is a 10 day upset bid period in which another bidder may submit an upset bid that is higher than the reported sale price.  An upset bid must be at least 5% and a minimum of $750.00 higher than the previously reported sale price.  When an upset bid is made, the upset bid period starts over again for an additional 10 days.  This process continues until 10 days elapse without an upset bid, at which point the last bid on the property is accepted and the foreclosure can be completed.

If you are a homeowner going through the foreclosure process, you have the right to stop the foreclosure and save your home up to and until the upset bid period expires by either paying the lender the money owed or working out an alternative to foreclosure with the lender. 

For more information about Charlotte foreclosure and foreclosure alternatives, please visit:  http://zellersrudd.com/areas_of_practice/foreclosure_alternative.aspx

 Prior to founding Zellers Rudd PLLC, Dan Zellers and Scott Rudd worked together in the real estate finance group of some of the top international law firms in the nation. They represented large national banks and servicers in multi-million dollar commercial property transactions as well as multi-billion dollar commercial loan securitizations. These transactions included the negotiation of large servicing contracts as well as conducting large commercial loan transactions, loan assumptions, defeasances, parcel releases, and other consent matters on large commercial properties located all across the nation.



By: Charlotte Foreclosure Attorney – Zellers Rudd

About the Author: