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Foreclosure Laws by State

Local Foreclosures Laws for Your Reference

Foreclosure is the result of a series of circumstances and events as dictated by state foreclosure law. Laws governing the foreclosure process will vary from one state to another, so buyers of financially distressed real estate are wise to learn the details of their state law’s underlying structure, terminology, timing and the roles of key parties. Key elements of the law include judicial foreclosure vs. non-judicial foreclosure, primary security instruments, rights of redemption, deficiency judgment and timelines. Gaining knowledge in these areas empowers both home buyers as well as realty investors.

Each of the legal foreclosure elements, as applicable, are discussed in detail in each state section listed below. If you reside in one state and are interested to purchase foreclosures in a different state, base your foreclosure research on the state where the distressed property is physically located.

The implications of each state’s laws may affect how you view the particular foreclosure listings available to you. While the information presented about state foreclosure law is made available to help users deal with their own legal needs, this information is not designed to be a substitute for formal legal advice. Each user’s individual circumstances may result in variations on the application of state law. And because every state’s laws are subject to change without notice, we recommend you consult a local real estate lawyer to gain a professional opinion of our information, and your interpretation of the information, as it applies to your specific real estate investment or home purchase situation. You may or may not need to navigate local foreclosure laws as part of your home purchase, but having knowledge on the subject can give you an advantage in purchase negotiations.