Nonjudicial foreclosure

Nonjudicial foreclosure

In a nonjudicial foreclosure state, lenders are allowed to foreclose without a lawsuit, using the power of sale provisions of the deed of trust. The deed of trust actually has three parties to the original loan agreement-the bowwower (grantor),the lender (beneficiary),and the trustee who actually holds title during the term of the loan. In the event the bowwower defaults, the trustee files a Notice of Default and a Notice of Sale in a legal newpaper.

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