Foreclosure Laws by State

The foreclosure process from state to state. The borrower has rights determined by that states' laws. These rights include ensuring the borrower has sufficient notice, and what advertising is required before a foreclosure sale can take place, wether a deficiency judgement is allowed or limited & what right of redemption exists for the borrower.

How long does foreclosure take?

The amount of time that the foreclosure process takes varies from state to state. As a minimum, the law requires that the borrower receive sufficient notice before the foreclosure can take place. The foreclosure process could be as quick as 21 days (Texas), or as long as one year (NY). See below for your particular state.

Right of Redemption

The right of redemption is the right of the borrower to recover the house after a foreclosure. The borrower is allowed a specific period of time, depending on State and local laws (See Below for your state), to repurchase the property that was lost to foreclosure.

Deficiency Judgement?

If the foreclosure sale does not produce enough money to pay off the balance of what is owed to the lender, the lender may then sue the borrower for the difference, or what is called a "deficiency judgement." A deficiency judgement allows a lender to seize any property the borrower has in addition to foreclosing on the house. Many states limit or restrict deficiencies, and some states will not allow deficiencies at all.

Detailed foreclosure laws by state

Obtaining Legal Advice

Since foreclosure is a legal process, it would be wise to seek the advice from an attorney in your area who can answer any questions that you have, and who can inform you of your rights in the foreclosure process. Unfortunately, people try to avoid legal advice because of high costs. That is why we have partnered with a company that provides incredible legal service for a very reasonable price. Click here to get more information on how to get top legal protection for less than a cup of coffee a day.