What is a non-judicial foreclosure?
Non-judicial foreclosures are processed without court intervention, with the requirements of the foreclosure established by state statutes. This process is utilized when a Deed of Trust, or Trust Indenture, contains a power of sale clause, which enables the trustee to initiate the foreclosure process without having to go to court.
When a borrower is in default, the lender or individual beneficiary will contact Title Financial Specialty Services to initiate the foreclosure process. Title Financial Specialty Services will obtain a Trustee's Sale Guarantee from a title agent in the county where the property secured by the Deed of Trust or Trust Indenture is located. The Trustee's Sale Guarantee will provide the information needed to facilitate the foreclosure action.
Title Financial Specialty Services will then generate the documents necessary, coordinate the statutory mailing, posting and publication and, the final foreclosure sale. Assurance will be given as to the compliance with the strict timelines provided for in the applicable statute.
Once the process is complete, documentation has been recorded and all interested parties have been properly noticed, a Trustee's Deed will be issued to the purchaser at the foreclosure sale. Once recorded in the county records, the Trustee's Deed conveys to the purchaser all of the interest which the grantor (borrower) had, together with any interest the grantor or their successors acquired after the execution of said Deed of Trust or Trust indenture.