An area that we have seen recently in our economy is the issue of foreclosures. This is the process of seizing control of the collateral for a loan and using the proceeds from its sale to satisfy a defaulted debt. There are different types of foreclosures and these include judicial foreclosures, nonjudicial foreclosures, and a strict foreclosure. In some states, they have made the foreclosure process more simple through the process of a deed of trust or land contract.
http://www.all-foreclosure.com/help/judicial.htm
The key differences in judicial and nonjudicial foreclosures are explained here, the main being with court intervention in judicial foreclosures and non court intervention with nonjudicial.
http://www.youtube.com/watch?v=fB3LlhUSSgw
As we find out here, strict foreclosures are an instance that only a small number of states allow. In this type of foreclosure, it typically only occurs when the debt amount is greater than the value of the property.
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