Judicial Foreclosure vs. Nonjudicial Foreclosure

How does your state currently handle foreclosures? Is your state currently trying to change how foreclosures are handled?

At the moment, Florida is trying to make foreclosures a nonjudicial effort, while Oregon is moving towards judicial foreclosures.

KNOW THE DIFFERENCE:

Judicial foreclosure

Original method: Around since the 1800s.

More costly: Court filing and attorney fees increase the costs for the lender and possibly the borrower.

Court oversight: Borrowers get a hearing before a judge where they could challenge the foreclosure.

Sheriff’s involvement: Local sheriff actually sells property after the court rules.

Right of redemption: Up to 180 days after sheriff’s sale, borrower has right to reclaim the property by matching the winning bid.

Length: Entire process could take close to a year.

Nonjudicial foreclosure

Newer: Available since 1959.

Less costly: No requirement to go before a judge or hire a lawyer.

Quicker: Set up to take 120 days, though it rarely does.

Public recording: The trust deed, any assignments of trust and any appointment of a successor trustee must be recorded in county recorder’s office where property is located. Several courts in Oregon say lenders have failed to meet this requirement.

Proper notice: Notice of default must be filed in county recorder’s office and sent to borrower by certified mail. Notice of sale must be given to both borrower and tenants at least 120 days before a foreclosure sale. It also must be published in a newspaper of general circulation once a week for 4 weeks, at least 20 days before sale.

Right to cure: Borrower has right to pay all missed payments and lenders’ fees up to five days before sale to cancel foreclosure.

Auction sale: Trustee auctions off property on courthouse steps to highest bidder.
Source: 4closurefraud.org...

It's no secret that Florida is one of the states that is facing the most foreclosures in the country, so regulators wanting to switch to nonjudicial foreclosures makes sense -- in the banksters' favor. Having to take all these fraudulent foreclosures to court really creates a bottleneck that is causing the banks to lose money. If foreclosures don't have to be heard by a judge, more fraud is going to get swept under the rug. Florida's Attorney General, Pam Bondi, is currently under investigation for firing her investigators when they blew the top off of robosigning. I wouldn't doubt if Ms. Bondi supports nonjudicial foreclosures. Bondi is obviously corrupt, so it would only make sense that she is supporting the banksters instead of the homeowners. Bondi is a disgrace to Florida and should be viewed as a traitor in the eyes of Americans. She has been bought and paid for by the "Too Big to Fail" bunch.

Oregon on the other hand is moving towards judicial foreclosures. I applaud this.
www.oregonlive.com...
At least Oregon homeowners will have their day in court so they can prove how the banksters are using shady methods to put them in the streets.

In my opinion, foreclosures should always be heard within a court of law. MERS (Mortgage Electronic Registration Systems, Inc.) is illegal and violates the law stating that the bank/lender must be able to produce the wet ink note to a judge. Once foreclosures are no longer being held in courtrooms, the bank no longer has to prove that they hold the wet ink note and MERS will continue to debauch the housing market.

Here's some information on MERS for those who are interested in learning more about this computerized beast:
www.mersinc.org (direct website)
Here is a US Bankruptcy Judge's opinion on MERS:
blogs.wsj.com...

“By MERS account, it took no part in the assignment of the Note in this case, but merely provided a database which allowed its members to electronically self-report transfers of the Note,” wrote Judge Grossman. “[T]here is nothing in the record to prove that the Note in this case was transferred according to the process described above other than MERS’s representation that its computer database reflects that the Note was transferred to U.S. Bank.”

The judge also concluded that MERS didn’t have authority to assign the mortgage to U.S. Bank without having “specific written directions” from the party that initially assigned the loan to MERS, which was First Franklin.

“The documentation provided to the Court in this case…is stunningly inconsistent with what the parties define as the fact of this case,” Judge Grossman wrote. The theory that MERS “can act as a ‘common agent’ for undisclosed principals is not support [sic] by the law.”

And here is an article by the NY Times about MERS:
www.nytimes.com...

That world largely collapsed under the weight of its improbabilities in 2008.

But a piece of that world survives on Library Street in Reston, Va., where an obscure business, the MERS Corporation, claims to hold title to roughly half of all the home mortgages in the nation — an astonishing 60 million loans.

Never heard of MERS? That’s fine with the mortgage banking industry—as MERS is starting to overheat and sputter. If its many detractors are correct, this private corporation, with a full-time staff of fewer than 50 employees, could turn out to be a very public problem for the mortgage industry.

So, in conclusion of all the evidence, if your state is moving towards performing nonjudicial foreclosures, they are in league with the banksters and their beastly pet MERS. If this continues, homeowners will be left without any rights and can be kicked out of their homes regardless of the fact that the wet ink note was eaten by MERS. This is a very sad state of affairs.

At least Oregon is moving in the right direction and giving the homeowners a fair chance.

The simple fact that MERS is registered as a corporation should be sounding alarm bells.
Let's see a show of hands for who believes this company has paid any taxes since Fannie and Freddie gave birth to it?

In my opinion, Fannie and Freddie needs to dismantle MERS, stop begging for more tax dollars, and have their CEOs arrested for grand theft and fraudulent business practices.
(I won't hold my breath though.)

ALL homeowners should become familiar with the foreclosure processes, because at some point most homeowners will have to deal with the inevitable.... loss of job, lower wages compared to inflation rates as time goes by, increases in percentage rates without notice, and regular errors mortgage holders make that affect your credit regardless of your actions.

They aren't foreclosing on everyone all at once, it's a process that's hitting many homeowners like a slow boil.

reply to post by JibbyJedi


You're absolutely right! It's becoming not a matter of if, but when.

I honestly believe that there is a plan to have people renting from the government. I also believe there is a movement towards restructuring communities so that we are living in smaller units where we're almost in a communal area. Neighbors will be able to keep a closer watch on each other this way, too.

As long as the banks own the homes, they can choose to tear them down at any time and rebuild to suit their objectives. The people living in the soon-to-be demolished homes won't have a leg to stand on and will be forced to relocate to the communal areas that are already established.

If people don't know about Forum For the Future yet, they need to study up on it. This is how the government wants us to live. Less choices and sustainability are the goals of the near future. I do believe that when we hear the word sustainable, the context is propaganda.

Here is the website for Forum For the Future:
www.forumforthefuture.org... (Currently off line for maintenance)
BoA is a huge player in this movement. I'm wondering if Warren Buffet purchased BoA shares because he doesn't want to see this movement halted or stalled. One certainly has to wonder. Seeing that Forum For the Future is not just in the U.S., it can certainly be placed under the New World initiative.

Here's another interesting web page to visit. It's regarding Foundation For the Future.
2005-2009-bmena.state.gov...
* There is a quote on this page from Forum For the Future, which says:

"The Foundation will provide grants to help civil society strengthen the rule of law, to protect basic civil liberties, and ensure greater opportunity for health and education. But most importantly, the Foundation is a sign that citizens have to be trusted who are working for democratic reform in particular countries, and cities, and villages to use their grant money for the greatest good that they see fit."

Pay special attention to the words "citizens have to be trusted" and join this with the part where I stated that these communities would allow neighbors to keep a closer eye on each other. Big Brother all the way!

And since ATS is a conspiracy site, I would like to add that 'F' is the sixth letter of the alphabet.
Forum For the Future and Foundation For the Future translate to 666.

I thought I was out of the woods when I sold my old house and bought the one I'm in now. I bought a foreclosed house dirt cheap, paid cash and paid for it in full. I thought I was finally free of the bs mortgage companies and banks put me through for years.

Funny thing is, you don't really ever own your home, you have to pay the king a land tax in order to keep your home, that you paid for in full, or they will take your property and sell it to collect their back taxes and possibly leave you with nothing. Home ownership is a scam, it basically binds you to having to produce an income that covers these taxes for the rest of your life. What happens when I retire and SS is drained completely? I guess I'm going to have to lose my home because my taxes here are about 60% of what most retired people collect from social security and/or disability per month. And why are land taxes more expensive in the middle of the woods than in the middle of a large city with tons of amenities and public transportation? At least that's how it is on the east coast.

Renting may be the best way to go right now.

reply to post by JibbyJedi


I'm sorry for your situation. It truly is a catch-22. Your theory should have been correct, but they still had that land tax card to play. Property taxes should not be that high. Of course, I don't believe in income tax. Maybe if we didn't have to pay income tax, people could afford their property taxes. Work and slave away for the Man. Where does this merry-go-round stop? The perfect title for a book about taxes would be "1001 Ways to Rape Someone & Get Away With It".

I rack my brain everyday trying to figure out some way to beat the system. It seems futile. They really do appear to have all their bases covered. Forum For the Future is expected to be complete in 2025. I wonder how many other plans have been enacted with a completion date that far in the future that we haven't been told about?

Here is a list of states and whether they currently have judicial or nonjudicial foreclosures. Some states even do both. It's interesting that D.C. is Non-Judicial.
www.realtytrac.com...

Judicial Foreclosure States
Connecticut
Delaware
Florida
Illinois
Indiana
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Nebraska
New Jersey
New Mexico
New York
North Dakota
Ohio
Pennsylvania
South Carolina
Vermont

Non-Judicial Foreclosure States
Washington D.C.
Michigan
New Hampshire
Tennessee
Utah
West Virginia

States allowing both Judicial & Non-Judicial foreclosure (varying degrees)
*Visit the website to see which is more commonly used or preferred
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Georgia
Hawaii
Idaho
Iowa
Minnesota
Mississippi
Missouri
Montana
Nevada
North Carolina
Oklahoma
Oregon
Rhode Island
South Dakota
Texas
Virginia
Washington
Wisconsin
Wyoming