Strict foreclosure is used only in Connecticut and Vermont. In strict foreclosure, the lender gets the property back after the court action every time. There is no public auction in strict foreclosure.
BTW: Non judicial foreclosure simply means that the lender does not have to seek court action to foreclose a property. The simply invoke the power of sale clause in the deed of trust. Here in Virginia (a non judicial state) foreclosures typically take 45-60 days to go from filing the notice of substitution of trustee to the trustee’s sale on the courthouse steps.
Hi Rob:
I will try and give you a short version on the meanings of:
Nonjudicial: This is were the loan company or bank can
foreclose on a property in thirty (30) days.
Judicial: This is where the foreclosure has to go to court in order to foreclose. The time frame for this can be short or a long time before foreclosure is finale.
Strict: I haven’t any knowledge of this word use in foreclosure.
Redemption: Is the amount of time to make up back payments and foreclosure expenses before all of your interest in the property is forfeited.
Deficiency: This is the amount of money a person has to pay the loan company or bank after the loan company or bank has sold the property that they forclosed on and didn’t get enough to pay off the loan on the property.
Remember that’s just the short of it.
I hope this is of help.
Al C.