Foreclosure can be very complicated and the process is complex and expensive. Many are unsure what foreclosure is, and what rights they have in the process. Put simply, foreclosure is a lawsuit filed against the owner of the property by a bank or lender. Foreclosure is a lengthy court process, and the property owner has a right to participate in that process to the full extent of his/her rights.

The Two Types of Foreclosure

There are two avenues that the process of foreclosure can take, strict foreclosure and foreclosure by sale. It is important to understand both types of foreclosure because one of the rights of the property owner is to decide which avenue is taken. If no action is taken by the owner in the foreclosure process, the court will proceed with a strict foreclosure.

If there is little or no equity in the property, proceeding with a strict foreclosure is best. A judge will set down a “law day” and for anyone named on the foreclosure. There is a chance to repay the debt and pay the legal fees; the foreclosure will not turn the title of the property over until the law day. However, a law day can be set as soon as three weeks from the judgment. It is up to the judge how long it will be until the law day. If the owner is unable to pay the debt, the title of the property will be turned over to bank or lender.

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