1. Explain the differences between a judicial foreclosure state and a non judicial foreclosure state. (b)...

1. Explain the differences between a judicial foreclosure state and a non judicial foreclosure state. (b) Which is Florida? (c) Explain why the difference matters. (3 points) Please be detailed and site sources.

Expert Solution

1. Explain the differences between a judicial foreclosure state and a non judicial forclosure state.

Judicial Foreclosure State	Non Judicial Forclosure State
Lender has to file a lawsuit in court in order to foreclose. Home loans are secured by a mortgage.	Lender can foreclose without going through the court system. Home loans are secured by a deed of trust.

_{Note: Regardless of the type, the final
step in the foreclosure process is a foreclosure sale.}

(b) Which is Florida?

Florida is a judicial foreclosure state.

(c) Explain why the difference matters.

Foreclosure generally is a process to force the transfer of ownership of real property out of the name of the Homeowner into the name of a lender, lienholder or new purchaser. Depending on whether the forclosure is judicial or non judicial, it affects the foreclosure process and procedures. As in how you can raises defenses, and whether you'll be liable for a deficiency after the foreclosure sale.

keosha answered 1 year ago

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