These guidelines should not be used as legal advice, ImageLAND recommends that you discuss your particular situation with an attorney prior to proceding in any foreclosure activities. Most states have a non-judicial system to carry out a foreclosure. Meaning that no court procedure is required for a lender to take back the property.
Few states carry out a formal judicial process.
The following steps will outline what is all involved in a non- judicial foreclosure. Usually after the third missed payment the lender will initiate a foreclosure. This is done by issuing a Declaration of Default and Demand for Sale which is passed on to the foreclosure trustee. If there has been an assignment of the deed of trust, such assignment must also be deposited. If the original note has been lost, foreclosure can still be commenced, but the beneficiary must post a lost instrument bond in most cases.