Foreclosure laws differ in each state and each state law will determine the process of foreclosure. Homeowners that are facing foreclosure should research and understand their state foreclosure law because it will determine the time line, legal step, and legal right the parties have in the process. There are two types of procedures a foreclosure proceeds no matter what state you are in.

A judicial foreclosure process goes through a court action. It begins with the lender filing a complaint showing proof that the homeowner is in default to get a court order for the foreclosure. The homeowner will receive a letter of intent to foreclose and will be given time and opportunity to dispute. Usually the lender will make attempts with the homeowner to resolve the delinquency. After an allowed waiting period and no attempt have been made to resolve the delinquent amount, then a judgment will be entered for the amount owed. A lis penden (action pending) will be filed giving a public notice of the homeowners pending foreclosure.

The court will approve to proceed with the foreclosure and the property will be auctioned off to the highest bidder. Usually the sale will take place months after the judgment. Once the property is sold, an eviction process takes place. Depending the state that the homeowner is in, the eviction is then filed and the sheriff will then come to the property and have the homeowners evicted.

The non-judicial foreclosure process is also called a power of sale foreclosure. This procedure does not involve the courts action and is privately handled by the lenders. The power of sale meaning that the lender has a "power of sale clause" in the deed of trust, stating that if the homeowner defaults in the payments then the lender has the right to sell off the property to pay the balance of the loan.

This foreclosure process begins when the homeowners default on their payments, the lender sends out a notice of default and demand of payments.Some states do not require a notice of default and can proceed with the foreclosure without direct notice. After a waiting period, if there is no resolution, the lender will post a public notice of sale at auction. The property will be sold to the highest bidder, the loan will be paid off and the new owners will take over.

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