There are two main types of foreclosure processes - judicial and non-judicial. While the end result is similar - both properties are foreclosed and sold at auction - the methods are different. One uses the court system and Sheriff's Sales while another doesn't and uses Public Trustee Auctions.

For more information on the difference between a judicial foreclosure and a non-judicial foreclosure, keep reading.

Judicial Foreclosure

Because judicial foreclosures need to go through the court system, they typically take much longer than non-judicial foreclosures. To start the process, a lender will file a "Motion to Foreclose" or "Complaint of Foreclosure" with the courts.

The court will then set a foreclosure hearing and then make a final judgement. After the judgment, a date will be set for a Sheriff's Sale and the notice of sale will be publicly posted. If no one purchases the property at that point, it returns to the lender and becomes a REO (real estate owned) property.

In some states, homeowners have what's called a redemption period with a judicial foreclosure which can be as long as six to twelve months. This means that within that period, even when the house is sold at auction, if the homeowners can come up with the money to settle their debt, they can get their house back.

Non-Judicial Foreclosures

With non-judicial foreclosures, lenders will still have the property auctioned but do not need to go through the court system. In this situation, the property was secured with a deed of trust, and this will typically have a power of sale clause written into it.

Without a power of sale clause, the lender needs to file a public Notice of Default (NOD) to the court and all the pertinent parties. At the point, a sale or auction is then scheduled and a public Notice of Sale (NOS) is then posted.

The property is subsequently sold at a public auction and will go to the highest bidder. Again, if the property isn't bought, it becomes an REO or real estate owned property and continues to belong to the lender.

Depending on your state, the foreclosure laws can differ dramatically. For example, in Connecticut, a lender needs to post a Decree of Sale with the bank and seven months must pass before the property can actually be sold. Meanwhile, in Louisiana, homeowners may only get three days notice before their Notice of Default is issued.

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