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Kansas*

Kansas is a Judicial State

A lawsuit is filed to obtain a court order to foreclose. Upon receiving all claims, the court will

make a judgment in favor of the lender and against the borrower for the balance due. The sheriff

is directed to auction off the property to the highest bidder.

The notice of the time and sale must be advertised once a week for three (3) consecutive weeks,

with the last publication being no more than fourteen (14) and no less than seven (7) days before

the borrower scheduled date of sale. Notice of the sale must also be sent to the within five (5)

days of the first advertisement.

Unless otherwise ordered by the court, the sale is held at the courthouse in the county where the

property resides. The sale is by public auction to the highest bidder, who will receive a certificate

of purchase. After the sale is confirmed, the winning bidder will be entitled to receive a sheriff’s

deed once the borrowers right of redemption has expired. The borrower typically has twelve (12)

months from the date of the foreclosure sale to redeem the property.

*Courtesy of Kansas State Statutes

Kentucky*

Kentucky is a Judicial State

The complaint initiating a foreclosure action must be filed in a circuit court where the property is

located. There is a filing of lis pendens. The notice of action is filed, and is sent to the defendant

who obviously has an opportunity of respond, 21 days to be exact from the date of service. If no response, the plaintiff can move for a default judgment. A motion is then made for judgment. The judgment may be default judgment, summary judgment, or agreed judgment. Entry of judgment occurs, followed by advertising of sale.

Notice of Sale

Advertising of sale occurs once a week for 3 straight weeks in a newspaper and must state the

sum of money for which the sale is to be made. The property is sold on the courthouse steps.

Redemption Period

Seller has 12 months to redeem the property by paying the amount for which the property

was sold, plus interest.

*Courtesy of Kentucky State Statutes

Louisiana*

Louisiana is a Judicial State

A suit is filed seeking a judgment for the debt due and recognizing the mortgage or security

interest. If an answer is not timely filed, a default judgment is possible. If a default judgment

cannot be obtained, a motion for summary judgment is frequently sought. Once a final judgment

is obtained, the property can be sold. The property is sold in a sheriff’s sale.

Deposit

A deposit of 10 percent of the sale price is required down, the balance within 30 days or the

property is resold and the successful bidder looses the deposit.

Time Frame

The time frame to complete a Louisiana foreclosure varies from case to case and from court

to court. In general, one can expect a Louisiana foreclosure to be completed in three to five months unless delayed by events that cannot be controlled, such as improper documentation, service of process problems, bankruptcy, injunction, and the like.

*Courtesy of Louisiana State Statutes

Maine*

Maine is a Judicial State

Commencement of foreclosure by civil action

The foreclosure must be commenced in accordance with the Maine Rules of Civil Procedure, and

the mortgagee shall also record a copy of the complaint or a clerk’s certificate of the filing of the

complaint in each registry of deeds in which the mortgage deed is or by law ought to be recorded

and such recording thereafter constitutes record notice of commencement of foreclosure. The

complaint must allege with specificity the plaintiff’s claim by mortgage on such real estate, describe the mortgaged premises intelligibly, state the existence of public utility easements, if any, that were recorded subsequent to the mortgage and prior to the commencement of the foreclosure proceeding and without mortgagee consent, state the amount due on the mortgage, state the condition broken and by reason of such breach demand a foreclosure and sale. Service of process on all parties in interest and all proceedings must be in accordance with the Maine

Rules of Civil Procedure. “Parties in interest” include mortgagors, holders of fee interest, mortgagees, lessees pursuant to recorded leases or memoranda thereof, lienors and attaching creditors all as reflected by the indices in the registry of deeds and the documents referred to therein affecting the mortgaged premises, through the time of the recording of the complaint or the clerk’s certificate. Failure to join any party in interest does not invalidate the action nor any

subsequent proceedings as to those joined. Failure of the mortgagee to join, as a party in interest, the holder of any public utility easement recorded subsequent to the mortgage and prior to commencement of foreclosure proceedings is deemed consent by the mortgagee to such easement. Any other party having a claim to the real estate whose claim is not recorded in the registry of deeds as of the time of recording of the copy of the complaint or the clerk’s certificate

need not be joined in the foreclosure action, and any such party has no claim against the real

estate after completion of the foreclosure sale; provided that any such party may move to

intervene in the action for the purpose of being added as a party in interest at any time prior to

the entry of judgment.

Hearing and judgment

After hearing, the court shall determine whether there has been a breach of condition in the plaintiff’s mortgage, the amount due thereon, including reasonable attorney’s fees and court costs, the order of priority and those amounts, if any, that may be due to other parties that may appear and whether any public utility easements held by a party in interest survive the proceedings.

If the court determines that such a breach exists, a judgment of foreclosure and sale shall issue

providing that if the mortgagor, his successors, heirs and assigns do not pay the sum that the court adjudges to be due and payable, with interest within the period of redemption, the mortgagee shall proceed with a sale as provided. If the mortgagor, his successors, heirs and assigns pay to the mortgagee the sum that the court adjudges to be due and payable to the mortgagee with interest within the period of redemption, then the mortgagee shall forthwith discharge the mortgage and file a dismissal of the action for foreclosure with the clerk of the

court.

On mortgages executed prior to October 1, 1975, unless the mortgage contains language to the

contrary, the period of redemption shall be one year from the date of the judgment. On

mortgages executed on or after October 1, 1975, the period of redemption shall be 90 days

from the date of the judgment. In either case, the redemption period shall begin to run upon

entry of the judgment of foreclosure, provided that no appeal is taken.

Sale following expiration of period of redemption

Upon expiration of the period of redemption, if the mortgagor, or the mortgagor’s successors,

heirs or assigns have not redeemed the mortgage, any remaining rights of the mortgagor to

possession terminate, and the mortgagee shall cause notice of a public sale of the premises

stating the time, place and terms of the sale to be published once in each of 3 successive weeks

in a newspaper of general circulation in the county in which the premises are located; the first publication to be made not more than 90 days after the expiration of the period of redemption. The public sale must be held not less than 30 days nor more than 45 days after the first date of that publication and may be adjourned, for any time not exceeding 7 days and from time to time until a sale is made, by announcement to those present at each adjournment. The mortgagee, in its sole discretion, may allow the mortgagor to redeem or reinstate the loan after the expiration of the period of redemption but before the public sale. The mortgagee may convey the property to the mortgagor or execute a waiver of foreclosure and all other rights of all other parties remain as

if no foreclosure had been commenced. The mortgagee shall sell the premises to the highest

bidder at the public sale and deliver a deed of that sale to the purchaser. The deed conveys the

premises free and clear of all interests of the parties in interest joined in the action. The mortgagee or any other party in interest may bid at the public sale. If the mortgagee is the highest bidder at the public sale, there is no obligation to account for any surplus upon a subsequent sale by the mortgagee. Any rights of the mortgagee to a deficiency claim against the

mortgagors are limited to the amount established as of the date of the public sale. The date of the

public sale is the date on which bids are received to establish the sales price, no matter when the

sale is completed by the delivery of the deed to the highest bidder. In foreclosures by civil action commenced on or after January 1, 1995, the mortgagee shall cause notice of the public sale to be mailed by ordinary mail to all parties who appeared in the foreclosure action or to their attorneys of record. The notice must be mailed no less than 30

calendar days before the date of sale. Failure to provide notice of the public sale to any party

who appeared does not affect the validity of the sale.

*Courtesy of Maine State Statutes

Maryland*

Maryland is a Judicial State

Before making the sale, the trustee authorized to make the sale, shall file in the court in which

the action is docketed a bond to the state of Maryland in an amount substantially equal to the

mortgage indebtedness.

Notice of Sale

A notice of sale must be published in a newspaper of general circulation in the county where the

property resides at least once a week for three (3) successive weeks, with the first publication to

be not less than fifteen (15) days prior to sale and the last publication to be not more than one

week prior to sale. The trustee also sends a notice of the sale to the last known address of the

mortgagor, and the owner of the title of the property. The notice of sale must be sent by certified

and by registered mail, not more than thirty (30) days and not less than ten (10) days before the

date of the sale.

The sale must be conducted by the person authorized to make the sale (i.e. trustee, sheriff) and

may take place immediately outside the courthouse entrance, on the property itself or the

location advertised in the notice of sale, if different. The terms of the sale vary by process.

After Sale

After the sale, the trustee sends a report to the court. Upon filing the report, it is published in

the newspaper stating the foreclosure sale will be ratified 30 days from the date of notice.

*Courtesy of Maryland State Statutes

Massachusetts*

Massachusetts is a Non-Judicial State

Foreclosure under power of sale; procedure; notice; form

The mortgagee or person having his estate in the land mortgaged, or a person authorized by the

power of sale, or the attorney duly authorized by a writing under seal, or the legal guardian or

conservator of such mortgagee or person acting in the name of such mortgagee or person, may,

upon breach of condition and without action, do all the acts authorized or required by the power;

but no sale under such power shall be effectual to foreclose a mortgage, unless, previous to such

sale, notice thereof has been published once in each of three successive weeks, the first

publication to be not less than twenty-one days before the day of sale, in a newspaper, if any,

published in the town where the land lies or in a newspaper with general circulation in the town

where the land lies and notice thereof has been sent by registered mail to the owner or owners of

record of the equity of redemption as of thirty days prior to the date of sale, said notice to be

mailed at least fourteen days prior to the date of sale to said owner or owners to the address set

forth in section sixty-one of chapter one hundred and eighty-five, if the land is then registered or,

in the case of unregistered land, to the last address of the owner or owners of the equity of

redemption appearing on the records of the holder of the mortgage, if any, or if none, to the

address of the owner or owners as given on his deed or on the petition for probate by which he

acquired title, if any, or if in either case no address appears, then to the address to which the tax

collector last sent the tax bill for the mortgaged premises to be sold, or if no tax bill has been sent

for the last preceding three years, then to the address of any of the parcels of property in the

name of said owner of record which are to be sold under the power of sale and unless a copy of

said notice of sale has been sent by registered mail to all persons of record as of thirty days prior

to the date of sale holding an interest in the property junior to the mortgage being foreclosed,

said notice to be mailed at least fourteen days prior to the date of sale to each such person at the

address of such person set forth in any document evidencing the interest or to the last address of

such person known to the mortgagee. Any person of record as of thirty days prior to the date of

sale holding an interest in the property junior to the mortgage being foreclosed may waive at any

time, whether prior or subsequent to the date of sale, the right to receive notice by mail to such

person under this section and such waiver shall be deemed to constitute compliance with such

notice requirement for all purposes. If no newspaper is published in such town, or if there is no

newspaper with general circulation in the town where the land lies, notice may be published in a

newspaper published in the county where the land lies, and this provision shall be implied in

every power of sale mortgage in which it is not expressly set forth. A newspaper which by its title

page purports to be printed or published in such town, city or county, and having a circulation

therein, shall be sufficient for the purpose.

Notice of intention to foreclose, notice and affidavit

No action for a deficiency shall be brought after June thirtieth, nineteen hundred and forty-six by

the holder of a mortgage note or other obligation secured by mortgage of real estate after a

foreclosure sale by him taking place after January first, nineteen hundred and forty-six unless a notice in writing of the mortgagee’s intention to foreclose

the mortgage has been mailed, postage prepaid, by registered mail with return receipt requested,

to the defendant sought to be charged with the deficiency at his last address then known to the

mortgagee, together with a warning of liability for the deficiency, in substantially the form below,

not less than twentyone days before the date of the sale under the power in the mortgage, and

an affidavit has been signed and sworn to, within thirty days after the foreclosure sale, of the

mailing of such notice. A notice mailed as aforesaid shall be a sufficient notice, and such an

affidavit made within the time specified shall be prima facie evidence in such action of the mailing

of such notice.

Notice of Sale

Notice of the foreclosure must be published once a week for three weeks in a newspaper of

general circulation in the town where the land is located. The first publication must be at least

21 days before sale. Notice must also be sent by registered mail to any owner whose interest

was recorded as of 30 days prior to the sale. The actual date of mailing must be at least 14

days prior to the foreclosure sale.

Persons authorized to redeem

The mortgagor or person claiming or holding under him may, after breach of condition, redeem

the land mortgaged, unless the mortgagee, or person claiming or holding under him, has

obtained possession of the land for breach of condition and has continued that possession for

three years, or unless the land has been sold pursuant to a power of sale contained in the

mortgage deed.

Right of redemption

Section 35. If, after the foreclosure of a mortgage not containing a power of sale, the person

entitled to the debt recovers judgment for any part thereof on the ground that the value of the land

mortgaged at the time of the foreclosure was less than the amount due, such recovery shall open

the foreclosure, and the person entitled may redeem the land although the three years limited

therefore have expired, if suit for redemption is brought within one year after the recovery of such

judgment.

*Courtesy of Massachusetts State Statutes

51

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Michigan*

Michigan is a Foreclosure by Advertisement State

Mortgage Foreclosure by Advertisement:

1 A mortgage must include a Power of Sale that permits the property to be sold by public

auction in the event of a default by the mortgagor in the terms and conditions of the mortgage.

2 All assignments of the mortgage must be recorded.

3 There must be a default under the terms of the mortgage, which makes the power of sale

operative.

4 The mortgagor must be given any required notices of default provided for under the terms

of the mortgage and Note.

5 The indebtedness must be accelerated.

6 There cannot be any judicial action pending at law for recovery of the debt or any portion

thereof.

Publication and Posting Requirements:

1. A Notice of Sale is published in the newspaper. The Notice of Sale must

include the following:

a. The names of the mortgagor and of the mortgagee, and the assignees of the

mortgage, if any;

b. The date of the mortgage, and when recorded

c. The amount claimed due as of the date of the notice (the date of the first publication).

. The legal description of the property.

. The length of the redemption period.

1 The Notice of Sale must be published for 4 successive weeks, at least once each

week.

2 Within 15 days after the first publication a true copy of the Notice must be

posted in a conspicuous

place on the property.

Foreclosure Sale:

1. The mortgagee may make a credit bid at the sale and purchase the property. The

purchaser at the sale receives a Deed to the property.

The Deed only becomes operative if the property is not redeemed during the statutory

redemption period.

Upon expiration of the statutory redemption period, the purchaser acquires all right, title

and interest, which the mortgagor held at the time that the mortgage was executed, as well as any

right, title or interest acquired by the mortgagor subsequent to the execution of the mortgage.

The mortgagor continues to have the right to possession of the property until after the

expiration of the statutory redemption period.

The Sheriff’s Deed should be recorded within 20 days of the date of sale. If the Deed is

not recorded within 20 days of the date of sale, it does not invalidate the sale; however, the redemption period does not begin to run until the

date the deed is recorded.

Statutory Redemption Period:

1. For a mortgage on residential property not exceeding 4 units and not more than 3 acres in

size, if the amount claimed to be due on the mortgage at the date of the notice of foreclosure is more than 66-2/3% of the original indebtedness secured by the mortgage, the redemption period

is 6 months.

2. If the property is abandoned as determined pursuant to the statute, the redemption

period can be shortened to 30 days.

3. In any other case, the redemption period is 1 year from the date of sale.

4. The redemption price is an amount equal to the amount bid at the sale together with interest

from the time of the sale, at the rate set forth in the mortgage.

Paying of Taxes or Insurance During the Redemption Period:

If after the foreclosure sale the purchaser pays taxes or hazard insurance on the property, that

amount is added to the redemption amount, so long as an affidavit is recorded.

Redemption:

A purchaser’s Deed is void if the mortgagor redeems the entire premises sold by paying the

amount required within the applicable time limit. Payment must be made to the purchaser or the

county register of deeds.

Eviction:

1. If the mortgagor does not redeem, and does not vacate the property, a summary proceedings

action (eviction action) must be commenced in the district court.

2. A complaint is filed with the district court and the occupants served.

3. A court date is held, usually within 10 to 20 days.

4. The former owners and any occupants are allowed 10 days from the date of the hearing (if a

judgment is entered), to move from the premises (unless allowed more time by the mortgage

company or its representative).

5. If the former owner does not vacate by the required date, a Writ of Restitution is filed with

the court and issued by the judge.

6. A court officer goes out to the house and puts the mortgage company back into peaceful

possession of the property by evicting the occupants and their possessions.

Sending of a Notice of Default Letter (if required under the mortgage) -30

days

Publication -The notice of a foreclosure sale must be published once a week for four weeks in a

newspaper of general circulation in the county where the land is situated. Within 15 days after

the first publication, a true copy of the foreclosure notice must be posted in a conspicuous place

on the premises described in the foreclosure notice. (with the sale taking place approximately 1

week after the end of publication (35 days) The sale must be a public sale, conducted between

the hours of 9 o’clock “in the forenoon” and 4 o’clock in the afternoon.

Redemption period -Six months (in some instances it could be 1 year).

Eviction -30 days.

*Courtesy of Michigan State Statutes

Minnesota*

Minnesota is a Non-Judicial State Non-

Judicial Foreclosure:

Thirty-day demand letter must be sent on conventional loans prior to

commencement of foreclosure.

Minnesota provides for non-judicial foreclosure when the mortgage deed contains a power of

sale. A Power of Attorney authorizing an attorney to conduct the foreclosure along with a notice of pendency of the foreclosure must be filed of record prior to the commencement of foreclosure action. The Notice of Mortgage Foreclosure Sale must be published for six weeks. The Notice of Mortgage Foreclosure Sale must be served on the occupants of the mortgaged premises at least four weeks prior to the mortgage foreclosure sale. Junior lien holders and parties with an interest in the property may file a request for l’Jotice of Mortgage Foreclosure Proceeding. Notice is served on any requesting party by mail. Foreclosure sales are conducted by the Sheriff of the county where the property is

located. The Sheriff issues a Certificate of Sale to the successful bidder. Outside bidder’s must

have cash or certified funds sufficient to outbid the foreclosing lender.

The foreclosure is subject to a statutory redemption period of six months. In a limited number

of circumstances there is a twelve month redemption period. The twelve month period applies

when the amount due as of the date of the Notice of

Foreclosure Sale is less than 2(3 of the original principal amount; the mortgage premises

exceed 10 acres in size with additional limitation; or the mortgage premises exceeds 40

acres in size. For mortgages executed after December 31, 1989 a court order may be obtained which reduces the redemption period to five weeks if

the property has been abandoned.

During the redemption period an affidavit must be filed which details expenses advanced during the redemption period for taxes, insurance, and property preservation. The advances may not be collectable if the affidavit is not filed at least ten days prior to the expiration of redemption.

Judicial Foreclosure:

In order to obtain a deficiency judgment, the mortgage must be foreclosed by judicial action. Judicial foreclosure can also be used to cure title defects or if in a Foreclosure by Advertisement the occupants of the property are avoiding service. This involves the filing and service of a summons and complaint and obtaining a judgment. After judgment has been entered, the matter is scheduled for a judgment

and decree sale with the Sheriff. The Notice of Sheriff’s Sale under judgment and decree must

be published and posted for six weeks. The difference between the amount of the debt and the

bid will establish the deficiency. After completion of the sale, the court must confirm the sale

results. Redemption will run from the date of confirmation. Collection of the deficiency can be

commenced after confirmation of the sale.

*Courtesy of National Foreclosure Professionals and Minnesota State Statutes

Mississippi*

Mississippi is a Judicial and Non-Judicial State. The most common method used is

Non-Judicial.

Mortgages and deeds of trust on land; to be referred to in deed of

conveyance under foreclosure proceedings.

If there shall be a foreclosure and sale under any such mortgage or deed of trust on land, the

deed of conveyance made to a purchaser pursuant to a sale there under shall recite the names of

all parties to and the date of such mortgage or deed of trust, and also the book and page of the

record thereof, and if made by a substituted trustee shall also recite the book and page of the

record of his substitution and appointment; but the omission of such recitations shall not

invalidate the deed of conveyance.

How lands sold under mortgages and deeds in trust

All lands comprising a single tract, and wholly described by the subdivisions of the governmental

surveys, sold under mortgages and deeds of trust, shall be sold in the manner provided by

section one hundred eleven of the constitution for the sale of lands in pursuance of a decree of

court, or under execution. All lands sold at public outcry under deeds of trust or other contracts

shall be sold in the county in which the land is located, or in the county of the residence of the

grantor, or one of the grantors in the trust deed, provided that where the land is situated in two or

more counties, the parties may contract for a sale of the whole in any of the counties in which any

part of the land lies. Sale of said lands shall be advertised for three consecutive weeks preceding

such sale, in a newspaper published in the county, or, if none is so published, in some paper

having a general circulation therein, and by posting one notice at the courthouse of the county

where the land is situated, for said time, and such notice and advertisement shall disclose the

name of the original mortgagor or mortgagors in said deed of trust or other contract. No sale of

lands under a deed of trust or mortgage, shall be valid unless such sale shall have been

advertised as herein provided for, regardless of any contract to the contrary. An error in the mode

of sale such as makes the sale void will not be cured by any statute of limitations, except as to

the ten-year statute of adverse possession.

Deed of trust or mortgage; how sale made when terms not specified

If a deed of trust or mortgage, with a power of sale, be silent as to the place and terms of sale

and mode of advertising, a sale may be made after condition broken, for cash, upon such notice,

and at such time and place as is required for sheriff’s sale of like property. But all such sales shall

be made in the county where the land is located, or in the county of the residence of the grantor

or one of the grantors, provided that where the land is situated in two or more counties, the

parties may contract for a sale of the whole, or any part thereof, in either county in which a part of

the land lies.

Accelerated debt may be reinstated by payment of all default before sale.

Where there is a series of notes or installment payments secured by a deed of trust, mortgage or

other lien, and a provision is inserted in such instrument to secure them to the effect that upon a

failure to pay anyone (1) note or installment, or the interest thereon, or any part thereof, or for

failure to pay taxes or insurance premiums on the property described in such instrument and the

subject of such lien, that all the debt secured thereby should become due and collectible, and for

any such reason the entire indebtedness shall have been put in default or declared due, the

debtor, or any interested party, may at any time before a sale be made under the terms and

provisions of such instrument, or by virtue of such lien, stop a threatened sale under the powers

contained in such instrument or stop any proceeding in any court to enforce such lien by paying

the amount of the note or installment then due or past due by its terms, with all accrued costs,

attorneys’ fees and trustees’ fees on the amount actually past due by the terms of such

instrument or lien, rather than the amount accelerated, and such taxes or insurance premiums

due and not paid, with proper interest thereon, if such should have been paid by any interested

party to such instrument. Any such payment or payments shall reinstate, according to the terms of

such instrument, the amount so accelerated, the same as if such amount not due by its terms had

not been accelerated or put in default.

Deed of trust or mortgage; power of sale; relationship of trustee to other party to deed of

trust; beneficiary may purchase at sale made under power of sale.

(1) A deed of trust or mortgage may be in the form of a conveyance, to the end, before the

words “witness my signature,” and then as follows, viz.:

“In trust to secure (here state what is secured, and all the necessary provisions).

“Witness my signature, the ___________day of___________, A. D. ______________

Notwithstanding the form of conveyance, any deed of trust or mortgage which has been made or

shall hereafter be made may confer on the trustee or mortgagee and their successors, assignees

and agents the power of sale. Furthermore, any person may be appointed and may perform the

duties of the trustee in a deed of trust, and such person shall not be disqualified nor shall the

acts of such person be invalid because of the relationship of such person to any other party to

the deed of trust. The beneficiary of a deed of trust or the mortgagee of a mortgage may

purchase at any sale which has been made or shall hereafter be made under a power of sale,

and any such sale shall not be invalid because of the relationship of such person to any other

party to the deed of trust.

Sheriff’s conveyance.

A conveyance of land sold by a sheriff under execution may be in the following form, and shall

be sufficient to convey all of the title of the defendant in the execution, which any conveyance

such officer might make would in such case convey; and a conveyance by a constable in like

form, the proper changes being made, shall have the like effect in case of sale made by him,

viz.:

“By virtue of an execution issued by the clerk of the circuit court of _______________________

county, on the day of , A.D. , returnable before said

court on the Monday of , A.D. , to enforce the

judgment of said court, rendered on the day of , A.D.

I in favor of against , for dollars, and costs,

I, as sheriff of county, have this day, according to law, sold the following lands, to

wit: [here describe the land]; when became the best bidder therefore at the sum

of dollars, and he having paid said sum of money, I now convey said land to him.

“Witness my hand, the _______________, A. D. _____________

_________________________Sheriff.”

*Courtesy of Mississippi State Statutes

Missouri*

Missouri is a Non-Judicial State

Petition to foreclose.

All mortgagees of real estate or persons holding security interests in personal estate, including

leasehold interests, when the debt or damages secured amount to fifty dollars or more, may file a

petition in the office of the circuit court against the mortgagor or the debtor and the actual tenants

or occupiers of the real estate, or persons in possession of personal property, setting forth the

substance of the mortgage deed or security agreement, and praying that judgment may be

rendered for the debt or damages, and that the equity of redemption may be foreclosed, and the

mortgaged property or collateral sold to satisfy the amount due.

Where filed

If any part of the property be real estate, the petition may be filed in any county where any

part of the mortgaged premises is situated; if it be exclusively personal estate, it may be filed

and proceeded with as in other civil actions.

Mortgages and security agreements with power of sale.

All mortgages of real property or security agreements providing for a security interest in personal

property, or both, with powers of sale in the mortgagee or secured party, and all sales made by

such mortgagee, secured party or his personal representatives, in pursuance of the provisions of

the mortgages or security agreements, shall be valid and binding by the laws of this state upon

the mortgagors and debtors, and all persons claiming under them, and shall forever foreclose all

right and equity of redemption of the property so sold. Nothing herein shall be construed to affect

in any way the rights of a tenant to the growing and unharvested crops on lands foreclosed as

aforesaid, to the extent of the interest of the tenant under the terms of contract or lease between

the tenant and the mortgagor or his personal representatives.

Notice of Sale

All sales of real estate under a power of sale contained in any mortgage or deed of trust

executed after August 28, 1989, shall be made in the county where the land to be sold is

situated, and not less than twenty days’ notice of such sale shall be given, whether so provided

in such mortgage or deed of trust or not. Where the property to be sold is located in more than

one county, the property may be sold in any county where a part of the property is located.

The notice shall set forth the date and book and page of the record of such mortgages or deeds

of trust, the grantors, the time, terms and place of sale, and a description of the property to be

sold, and shall be given by advertisement, inserted for at least twenty times, and continued to

the day of the sale, in some daily newspaper, in counties having cities of fifty thousand

inhabitants or more, and in all other counties such notice shall be given by advertisement in

some weekly newspaper published in such county for four successive issues, the last insertion

to be not more than one week prior to the day of sale, or in some daily, tri-weekly or semi-weekly

paper published in such county at least once a week for four successive weeks. Such notice shall

appear on the same day of each week, the last insertion to be not more than one week prior to

the day of sale, and if there be no newspaper published in such county or city, such notice shall

be published in the nearest newspaper thereto in this state. Nothing in this section shall be

construed to authorize the giving of any shorter notice than that required by such mortgage or

deed of trust. Where the property to be sold lies wholly or in part within the corporate limits of any

city having or that may hereafter have a population of fifty thousand inhabitants or more, then the

notice provided for in this section shall be published in a daily newspaper in such city and where

the property to be sold lies wholly or in part within the corporate limits of a city extending into two

or more counties, then the notice provided for in this section shall be published in some

newspaper published in the county in which the property lies, in the manner provided in this

section for publication in such county, even though such property may lie in a city having a

population of fifty thousand inhabitants or more. Where the property to be sold is located in more

than one county, the notices required in this section shall be published in each county in which a

part of the property is located. Other provisions of this section to the contrary notwithstanding, in

any county of the first class not having a charter form of government and containing a portion of

a city with a population over three hundred fifty thousand and in any county of the second class

containing a portion of a city with a population over three hundred fifty thousand, the notice

requirements and this section may be met by advertisement in some weekly newspaper

published in such counties for four successive issues, the last insertion to be not more than one

week prior to the date of the sale.

Any person desiring notice of sale under any deed of trust or mortgage with power of sale upon

real property may, at any time subsequent to recordation of such deed of trust or mortgage,

cause to be filed for record in the office of the recorder of each county in which any part or parcel

of the real property is situated a duly acknowledged request for such notice of sale. This request

shall specify the name and address of the person to whom the notice is to be mailed and shall

identify the deed of trust or mortgage by stating the names of the parties thereto and the legal

description of the land described therein and the book and page where the same is recorded or

the recorder’s number and shall be in substantially the following form:

“In accordance with RSMo, 443.325, request is hereby made that notice of sale

under the deed of trust (or mortgage) recorded the….day of ,20..,(as recorder’s number …. or in Book

…., Page ….) of the records of County, Missouri, the legal description of the property being …. in

County, Missouri, executed by as Grantor (or Mortgagor) in which …. is named as beneficiary (or

Mortgagee) and as Trustee, be mailed to …. (/lame) at …., (Address) …., (City) (State).

(Signature)

(Acknowledgment)” A separate request shall be filed for each person desiring notice of sale.

2. Upon the filing for record of such request, the recorder shall index the request in a separate

index so that the name of the mortgagor or grantor shall be indexed as the grantor, and the name

of the requesting party shall be indexed as the grantee.

3. In the event of foreclosure under a power of sale, the foreclosing mortgagee or trustee shall,

not less than twenty days prior to the scheduled date of the sale, cause to be deposited in the

United States mail an envelope certified or registered, and with postage prepaid, enclosing a

notice containing the information required in the published notice of sale addressed:

(1) To each person whose name and address is set forth in any such request recorded

at least forty days prior to the scheduled date of sale; and

(2) To the person shown by the records in the office of the recorder of deeds to be the owner of

the property as of forty days prior to the scheduled date of foreclosure sale at the foreclosing

mortgagee’s last known address for said record owner; and

(3) To the mortgagor or grantor named in the deed of trust or mortgage at the foreclosing

mortgagee’s last known address for said mortgagor or grantor.

(4) Actual receipt by the addressee of the envelope referred to above shall not be necessary

to establish compliance with the notice requirements of subsection 3 hereof. Recording of

receipt issued by the United States Post Office for certified or registered mail to evidence that

said envelope has been delivered by the sender to the United States Post Office shall

constitute proof of compliance with notice requirements of subsection 3 hereof.

4. The foreclosing mortgagee* or trustee of a deed of trust or mortgage filed subsequent to a

deed of trust or mortgage for which a request has been recorded in accordance with subsection

1 hereof shall give notice to each person named in each such request so long as the prior deed

of trust or mortgage identified in such notice has not been released of record.

5. The release of a deed of trust or mortgage shall cancel of record all requests for notice

which pertain to the deed of trust or mortgage identified in such request.

Time of Sale

The trustee exercising a power of sale granted in any security instrument may in the trustee’s

discretion set the time for sale at any commercially reasonable time, unless the security

instrument specifies an hour at which the sale is to occur. The time for sale will be deemed to be

commercially reasonable if the sale is held between the hours of 9:00 a.m. and 5:00 p.m. on the

date of sale. If no time is stated in the notice of sale, then the sale shall be held at the time

customary for such sales in the county. If the trustee elects to state a specific time for sale in the

notice of sale, then the sale shall be held at the time stated in the notice unless the sale is

continued as may be otherwise provided by law.

Redemption before sale.

If such property is redeemed by payment to the officer before the sale, such officer shall make a

certificate of such redemption, and acknowledge the same before some officer authorized to

take acknowledgments of deeds for lands; and such certificate shall be recorded in the office in

which the security instrument is recorded, and shall have the same effect as if a deed of release

has been filed for record.

Foreclosures by trustee’s sale

Deeds of trust in the nature of mortgages of lands may, in addition to being foreclosable by suit,

be also foreclosed by trustee’s sale at the option of the holder of the debt or obligation thereby

secured and the mortgaged property sold by the trustee or his successor in the same manner and

in all respects as in case of mortgages with power of sale; and all real estate which may be sold

under any such power of sale in a mortgage deed of trust hereafter made and which at such sale

shall be brought in by the holder of such debt or obligation or by any other person for such holder

shall be subject to redemption by the grantor in such mortgage deed of trust or his heirs,

devisees, executors, administrators, grantees or assigns at any time within one year from the

date of the sale; provided, however, that such person so entitled to redeem shall give written

notice at the sale or within ten days before the date advertised for the sale to the person making

or who is to make the sale of the purpose to redeem if the sale and purchase are so made; and

provided further, the said grantor, his representatives, grantees or assigns to make the

redemption shall within the year pay the debt and interest or other obligation secured by such

deed of trust and to accrue thereon together with all sums paid out by any holder thereof or

purchaser at such sale or holder of the rights of such purchaser for interest and principal and

either of any prior encumbrances, and for taxes and assessments and all legal charges and costs

of the sale.

Redemption Period

No party shall have the right of redeeming from any such sale unless he shall have given the

written notice specified in said section and shall within twenty days after such sale give

security to the satisfaction of the circuit court of the county in which the land is located for

the payment of the interest on the debt or obligation secured by the mortgage deed of trust

under which the sale is made to accrue within such year after the sale is made, and for the

payment in full of the legal charges and costs of the sale, and for the payment of all interest

accrued prior to the sale or thereafter which the purchaser at the sale or his representatives

or assigns may pay on any prior encumbrance on the land, as well as the interest, which may

accrue thereon during such year allowed for redemption whether so paid or not and all taxes

and assessments and interest and costs thereon whether general or special accrued or

accruing during such year allowed for redemption and whether paid by the purchaser at the

sale or not together with interest at rate of six percent per annum on all sums so paid by the purchaser or those claiming under him and for damages for all waste committed or suffered by the party giving such security or those claiming under him during such year unless said property is so redeemed, and it shall be necessary to pay for such redemption all such sums

to which the purchaser or those claiming under him should be entitled with interest as aforesaid. Said security shall be by bond executed by the person or persons so entitled to redeem with at least one good surety in a sum amply sufficient to cover the aggregate of all said sums exclusive of

the principal debt or obligation, but including damages and interest, to be so absolutely paid

in event redemption is not made and the aggregate of all such shall be the measure of damages to be paid in satisfaction of said bond if such redemption is not made.

Certificate of sale

If the bond is given and approved the trustee at the purchaser’s request shall execute,

acknowledge and deliver to him a certificate of sale or purchase giving a reference to the deed

of trust, fact of sale and purchase. And if redemption is not made within the year as so provided

he shall thereupon execute to the purchaser or his heirs or devisees good and sufficient deed of

conveyance upon the presentation of such certificate or showing of reason for its non-production

to the satisfaction of the trustee. The rights, interests and estates of any of the parties may be

conveyed by deed as interests in land are conveyed and trustee’s deed may be made to the

original purchaser and shall inure to his grantees. If the certificate of sale or any conveyance of

the purchaser’s interest is recorded the purchaser and his grantee shall give a sufficient

recordable acknowledgment of redemption if the same be made. Any prematurely executed

trustee’s deed shall operate as a certificate of sale by the trustee, and if the trustee dies,

becomes incapable or cannot be found the court may summarily and on ex parte application of

the purchaser appoint a successor or commissioner to execute a good and sufficient

conveyance in completion of the trustee’s sale if redemption be not made within the year

provided. Both the certificate of sale and purchase and deed and the recitals therein shall each

be prima facie evidence of the recitals therein.

*Courtesy of Missouri State Statutes

Montana*

Montana is a Judicial State

Trust indentures authorized –power of sale for breach in trustee.

(1) A transfer in trust of an interest in real property of an area not exceeding 40 acres may be

made to secure the performance of an obligation of a grantor or any other person named in

the indenture to a beneficiary. However, a trust indenture may not be substituted for a

mortgage that was in existence on March 5, 1963.

(2) When a transfer in trust of an interest in real property is made to secure the performance of

the obligation referred to in subsection (i), a power of sale is conferred upon the trustee to be

exercised after a breach of the obligation for which the transfer is security.

(3) A trust indenture executed in conformity with this part may be foreclosed by advertisement

and sale in the manner provided in this part or, at the option of the beneficiary, by judicial

procedure as provided by law for the foreclosure of mortgages on real property. The power of

sale may be exercised by the trustee without express provision in the trust indenture.

(4) If a trust indenture states that the real property involved does not exceed 40 acres, the

statement is binding upon all parties and conclusive as to compliance with the provisions of this

part relative to the power to make a transfer, trust, and power of sale.

Qualifications of trustee –successor trustee.

(1) The trustee of a trust indenture under this part must be:

(a) an attorney who is licensed to practice law in Montana;

(b) a bank, trust company, or savings and loan association authorized to do business in

Montana under the laws of Montana or the United States; or

(c) a title insurer or title insurance producer or agency authorized to do business in Montana

under the laws of Montana.

(2) The beneficiary may appoint a successor trustee at any time by filing for record, in the office

of the clerk and recorder of each county in which the trust property or some part of the trust

property is situated, a substitution of trustee. The substitution must identify the trust indenture by

stating the names of the original parties to the trust indenture and the date of recordation and

the book and page where the information is recorded, must state the name and mailing address

of the new trustee, and must be executed and acknowledged by all of the beneficiaries

designated in the trust indenture or their successors in interest. From the time the substitution is

filed for record, the new trustee is vested with all the power, duties, authority, and title of the

trustee named in the trust indenture and of any successor trustee.

Discontinuance of foreclosure proceedings when entire amount of default paid.

(1) Whenever all or a portion of any obligation secured by a trust indenture has, prior to the

maturity date fixed in such obligation, become due or been declared due by reason of a breach or

default in the performance of any obligation secured by the trust indenture, including a default in

the payment of interest or of any installment of principal or by reason of failure of the grantor to

pay, in accordance with the terms of such trust indenture, taxes, assessments, premiums for

insurance, or advances made by the beneficiary in accordance with the terms of such obligation

or of such trust indenture, the grantor or his successor in interest in the trust property or any part

thereof or any other person having a subordinate lien or encumbrance of record thereon or any

beneficiary under a subordinate trust indenture, at any time prior to the time fixed by the trustee

for the trustee’s sale if the power of sale is to be exercised, may pay to the beneficiary or his

successor in interest the entire amount then due under the terms of such trust indenture and the

obligation secured thereby (including costs and expenses actually incurred and reasonable

trustee’s and attorney’s fees) other than such portion of the principal as would not then be due

had no default occurred and thereby cure the default theretofore existing.

(2) Thereupon all proceedings theretofore had or instituted to foreclose the trust indenture shall

be canceled and the obligation and the trust indenture shall be reinstated and shall be and

remain in force and effect the same as if no such acceleration had occurred.

(3) If the default is cured and the obligation and the trust indenture reinstated in the manner

hereinabove provided, the beneficiary or his assignee shall, on demand of any person having an

interest in the trust property, execute, acknowledge, and deliver to him a request that the trustee

execute, acknowledge, and deliver a cancellation of the recorded notice of sale under such trust

indenture.

(4) Any beneficiary under a trust indenture or his assignee who, for a period of 30 days after

such demand, refuses to request the trustee to execute, acknowledge, and deliver such

cancellation shall be liable to the person entitled to such request for all damages resulting from

such refusal.

(5) A cancellation of a recorded notice of sale shall, when executed and acknowledged, be

entitled to be recorded and shall be sufficient if it sets forth a reference to the trust indenture

and the book and page where the same is recorded, a reference to the notice of sale and to the

book and page where the same is recorded, and a statement that such notice of sale is

canceled.

Conditions for foreclosure by advertisement and sale.

The trustee may foreclose a trust indenture by advertisement and sale under this part if:

(1) the trust indenture, any assignments of the trust indenture by the trustee or the beneficiary,

and any appointment of a successor trustee are recorded in the office of the clerk and recorder

of each county in which the property described in the trust indenture or some part thereof is

Situated;

(2) there is a default by the grantor or other person owing an obligation or by their successors in

interest, the performance of which is secured by the trust indenture, with respect to any provision

in the indenture which authorizes sale in the event of default of such provision; and

(3) the trustee or beneficiary shall have filed for record in the office of the clerk and recorder in

each county where the property described in the indenture or some

part thereof is situated a notice of sale, duly executed and acknowledged by such trustee or

beneficiary, setting forth:

(a) the names of the grantor, trustee, and beneficiary in the trust indenture and the name of any

successor trustee;

(b) a description of the property covered by the trust indenture;

(c) the book and page of the mortgage records where the trust indenture is recorded;

(d) the default for which the foreclosure is made;

(e) the sum owing on the obligation secured by the trust indenture;

(f) the trustee’s or beneficiary’s election to sell the property to satisfy the obligation;

(g) the date of sale, which shall not be less than 120 days subsequent to the date on which the

notice of sale is filed for record, and the time of sale, which shall be between the hours of 9 a.m.

and 4 p.m., Mountain Standard Time;

(h) the place of sale which shall be at the courthouse of the county or one of the counties where

the property is situated or at the location of the property or at the trustee’s usual place of business

if within the county or one of the counties where the property is situated.

Requests for copies of notice of sale.

At any time subsequent to the recordation of a trust indenture and prior to the recordation of

notice of sale under the indenture, any person desiring a copy of any notice of sale under a trust

indenture (1) may cause to be filed for record in the office of the county clerk and recorder of the

county or counties in which any part or parcel of the real property is situated, a duly

acknowledged request for a copy of any notice of sale, showing service upon the trustee. The

request shall contain the name and address of the person requesting a copy of the notice and

shall identify the trust indenture by stating the names of the parties to the indenture, the date of

recordation of the indenture, and the book and page where the indenture is recorded. The county

clerk and recorder shall immediately make a cross-reference of the request to the trust indenture

either on the margin of the page where the trust indenture is recorded or in some other suitable

place. No request, statement, or notation placed on the record pursuant to this section shall affect

title to the property or be deemed notice to any person that any person so recording the request

has any right, title, interest in, lien, or charge upon the property referred to in the trust indenture.

Notice –sale –payment.

A trust deed may be foreclosed by advertisement and sale in the manner hereinafter provided:

(1) The trustee shall give notice of the sale in the following manner:

(a) At least 120 days before the date fixed for the trustee’s sale, a copy of the recorded notice

of sale shall be mailed by registered or certified mail to:

(i) the grantor, at the grantor’s address as set forth in the trust indenture or (in the event no

address of the grantor is set forth in the trust indenture) at the grantor’s last known address;

(ii) each person designated in the trust indenture to receive notice of sale whose address is set

forth therein, at such address;

(iii) each person who has filed for record a request for a copy of notice of sale within the time

and in the manner hereinafter provided, at the address of such person as set forth in such request;

(iv) any successor in interest to the grantor whose interest and address appear of record at the

filing date and time of the notice of sale, at such address;

(v) any person having a lien or interest subsequent to the interest of the trustee and whose lien or

interest and address appear of record at the filing date and time of the notice of sale, at such

address.

(b) At least 20 days before the date fixed for the trustee’s sale, a copy of the recorded notice of

sale shall be posted in some conspicuous place on the property to be sold. Upon request of the

trustee, the notice of sale shall be posted by a sheriff or constable of the county wherein the

property to be sold is located.

(c) A copy of the notice of sale shall be published in a newspaper of general circulation

published in any county in which the property or some part thereof is situated, at least once

each week for 3 successive weeks. If there is no such newspaper, then copies of the notice of

sale shall be posted in at least three public places in each county in which the property or

some part thereof is situated. The posting or the last publication shall be made at least 20

days before the date fixed for the trustee’s sale.

(2) On or before the date of sale, there shall be recorded in the office of the clerk and recorder of

each county where the property or some part thereof is situated, affidavits of mailing, posting,

and publication showing compliance with the requirements of this section.

(3) On the date and at the time and place designated in the notice of sale, the trustee or his

attorney shall sell the property at public auction to the highest bidder. The property may be sold

in one parcel or in separate parcels, and any person, including the beneficiary under the trust

indenture but excluding the trustee, may bid at the sale. The person making the sale may, for any

cause he deems expedient, postpone the sale for a period not exceeding 15 days by public

proclamation at the time and place fixed in the notice of sale. 110 other notice of the postponed

sale need be given. In the event a sale cannot be held at the scheduled time by reason of the

automatic stay provision of the United States Bankruptcy Code, 11 U.S.C. 362, or of a stay order

issued by any court of competent jurisdiction, the person making the sale may, as often as he

considers expedient, postpone the sale. Each postponement may not exceed 30 days, and all

postponements, in the aggregate, may not exceed 120 days. Each postponement must be

effected by a public proclamation at the time and place fixed in the notice of sale or fixed by

previous postponement. No other notice of the postponed sale need be given.

(4) The purchaser at the sale shall pay the price bid in cash, and upon receipt of payment, the

trustee shall execute and deliver a trustee’s deed to the purchaser. In the event the purchaser

refuses to pay the purchase price, the person conducting the sale shall have the right to resell the

property at any time to the highest bidder. The party refusing to pay shall be liable for any loss

occasioned thereby, and the person making the sale may also, in his discretion, thereafter reject

any other bid of such person.

Disposition of proceeds of sale.

The trustee shall apply the proceeds of the trustee’s sale as follows:

(1) to the costs and expenses of exercising the power of sale and of the sale, including

reasonable trustee’s fees and attorney’s fees;

(2) to the obligation secured by the trust indenture;

(3) the surplus, if any, to the person or persons legally entitled thereto, or the

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trustee, in his discretion, may deposit such surplus with the clerk and recorder of the county in

which the sale took place. Upon depositing such surplus, the trustee shall be discharged from all

further responsibility therefore and the clerk and recorder shall deposit the same with the county

treasurer subject to the order of the district court of such county.

Deficiency judgment not allowed.

When a trust indenture executed in conformity with this part is foreclosed by advertisement

and sale, no other or further action, suit, or proceedings shall be taken or judgment entered for

any deficiency against the grantor or his surety, guarantor, or successor in interest, if any, on

the note, bond, or other obligation secured by the trust indenture or against any other person

obligated on such note, bond, or other obligation.

Trustee’s deed. (1) The trustee’s deed to the purchaser at the trustee’s sale may contain, in

addition to a description of the property conveyed, recitals of compliance with the requirements

of this part relating to the exercise of the power of sale and the sale, including recitals of the

facts concerning the default, the notice given, the conduct of the sale, and the receipt of the

purchase money from the purchaser.

(2) When the trustee’s deed is recorded in the deed records of the county or counties where the

property described in the deed is situated, the recitals contained in the deed and in the affidavits

(2) shall be prima facie evidence in any court of the truth of the matters set forth therein, except

that the same shall be conclusive evidence in favor of subsequent bona fide purchasers and

encumbrancers for value and without notice.

(3) The trustee’s deed shall operate to convey to the purchaser, without right of redemption, the

trustee’s title and all right, title, interest, and claim of the grantor and his successors in interest

and of all persons claiming by, through, or under them in and to the property sold, including all

such right, title, interest, and claim in and to such property acquired by the grantor or his

successors in interest subsequent to the execution of the trust indenture.

Possession.

The purchaser at the trustee’s sale shall be entitled to possession of the property on the 10th

day following the sale, and any persons remaining in possession after that date under any

interest, except one prior to the trust indenture, shall be deemed to be tenants at will.

*Courtesy of Montana State Statutes

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Nebraska*

Nebraska is a Judicial State

Power of sale conferred on trustee.

A power of sale may be conferred upon the trustee which the trustee may exercise and under

which the trust property may be sold in the manner provided in the Nebraska Trust Deeds Act

after a breach of an obligation for which the trust property is conveyed as security, or at the

option of the beneficiary a trust deed may be foreclosed in the manner provided by law for the

foreclosure of mortgages on real property. The power of sale shall be expressly provided for in

the trust deed.

Sale of trust property; notice of default.

The power of sale herein conferred upon the trustee shall not be exercised until:

(l)The trustee shall first file for record in the office of the register of deeds of each county wherein

the trust property or some part or parcel thereof is situated a notice of default identifying the trust

deed by stating the name of the trustor named therein and giving the book and page or computer

system reference where the same is recorded and a description of the trust property, containing a

statement that a breach of an obligation for which the trust property was conveyed as security

has occurred, and setting forth the nature of such breach and of his or her election to sell or

cause to be sold such property to satisfy the obligation;

(2) If the trust property is used in farming operations carried on by the trustor, not in any

incorporated city or village, the notice of default also sets forth:

(a) A statement that the default may be cured within two months of the filing for record of the

notice of default and the obligation and trust deed may be thereby;

(b) A statement of the amount of the entire unpaid principal sum secured by the trust deed,

the amount of interest accrued thereon to and including the date the notice of default is filed

for record, and the dollar amount of the per diem interest accruing from and after such date;

and

(c) A statement of the amount of the unpaid principal which would not then be due had no

default occurred; and

(3) After the lapse of not less than one month, or two months if the notice of default is subject to

subsection (2) of this section,

Sale of trust property

(1) The trustee shall give written notice of the time and place of sale particularly describing the

property to be sold by publication of such notice, at least five times, once a week for five

consecutive weeks, the last publication to be at least ten days but not more than thirty days prior

to the sale, in some newspaper haVing a general circulation in each county in which the property

to be sold, or some part thereof, is situated.

(2) The sale shall be held at the time and place designated in the notice of sale which shall be

between the hours of nine a.m. and five p.m. and at the premises or at the

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courthouse of the county in which the property to be sold, or some part thereof, is situated.

(3) The notice of sale shall be sufficient if made in substantially the following form:

Notice of Trustee’s Sale

The following described property will be sold at public auction to the highest bidder

at the door of the county courthouse in , County of ,

INebraska, on , 19 .

Notice of default and sale

(1) Any person desiring a copy of any notice of default and of any notice of sale under any trust

deed may, at any time subsequent to the filing for record of the trust deed and prior to the filing

for record of a notice of default thereunder, file for record in the office of the register of deeds of

any county in which any part or parcel of the trust property is situated a duly acknowledged

request for a copy of any such notice of default and notice of sale. The request shall set forth the

name and address of the person or persons requesting copies of such notices and shall identify

the trust deed by stating the names of the original parties thereto, the date of filing for record

thereof, and the book and page or computer system reference where the same is recorded and

shall be in substantially the following form: Request is hereby made that a copy of any notice of

default and a copy of notice of sale under the trust deed filed for record , 19 , and recorded in

book ………., page , (or computer system reference ) Records of .. County, Nebraska, executed

by as trustor, in which is named as beneficiary and… as trustee, be malled to (insert name)……at

………(insert address) Signature .

(2) Not later than ten days after recordation of such notice of default, the trustee or beneficiary

shall mail, by registered or certified mail with postage prepaid, a copy of such notice with the

recording date shown thereon, addressed to each person whose name and address is set forth

in a request therefore which has been recorded prior to the filing for record of the notice of

default, directed to the address designated in such request. At least twenty days before the date

of sale, the trustee shall mail, by registered or certified mail with postage prepaid, a copy of the

notice of the time and place of sale, addressed to each person whose name and address is set

forth in a request therefore which has been recorded prior to the filing for record of the notice of

default, directed to the address designated in such request.

(3) Each trust deed shall contain a request that a copy of any notice of default and a copy of any

notice of sale thereunder shall be mailed to each person who is a party thereto at the address of

such person set forth therein, and a copy of any notice of default and of any notice of sale shall

be mailed to each such person at the same time and in the same manner required as though a

separate request therefore had been filed by each of such persons as provided in this section.

(4) If no address of the trustor is set forth in the trust deed and if no request for notice by such

trustor has been recorded as provided in this section, a copy of the notice of default shall be

published at least three times, once a week for three consecutive weeks, in a newspaper of

general circulation in each county in which the

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trust property or some part thereof is situated, such publication to commence not later than

ten days after the filing for record of the notice of default.

(5) No request for a copy of any notice filed for record pursuant to this section nor any

statement or allegation in any such request nor any record thereof shall affect the title to trust

property or be deemed notice to any person that any person requesting copies of notice of

default or of notice of sale has or claims any right, title, or interest in or lien or claim upon the

trust property.

Sale of trust property

On the date and at the time and place designated in the notice of sale, the trustee shall sell the

property at public auction to the highest bidder. The attorney for the trustee may conduct the

sale. Any person, including the beneficiary, may bid at the sale. Every bid shall be deemed an

irrevocable offer, and if the purchaser refuses to pay the amount bid by him for the property

struck off to him at the sale, the trustee may again sell the property at any time to the highest

bidder. The party refusing to pay shall be liable for any loss occasioned thereby and the trustee

may also, in his discretion, thereafter reject any other bid of such person. The person conducting

the sale may, for any cause he deems expedient, postpone the sale from time to time until it shall

be completed and, in every such case, notice of postponement shall be given by public

declaration thereof by such person at the time and place last appointed for the sale. No other

notice of the postponed sale need be given unless the sale is postponed for longer than one day

beyond the day designated in the notice of sale in which event notice thereof shall be given in the

same manner as the original notice of sale is required to be given.

(1) The purchaser at the sale shall forthwith pay the price bid and upon receipt of payment the

trustee shall execute and deliver his deed to such purchaser. The trustee’s deed may contain

recitals of compliance relating to the exercise of the power of sale and sale of the property

described therein, including recitals concerning any mailing, personal delivery and publication of

the notice of default, any mailing and the publication and posting of notice of sale, and the

conduct of sale; and such recitals shall constitute prima facie evidence of such compliance and

conclusive evidence thereof in favor of bona fide purchasers and encumbrancers for value and

without notice.

(2) The trustee’s deed shall operate to convey to the purchaser, without right of redemption, the

trustee’s title and all right, title, interest and claim of the trustor and his successors in interest and

of all persons claiming by, through or under them, in and to the property sold, including all such

right, title, interest and claim in and to such property acquired by the trustor or his successors in

interest subsequent to the execution of the trust deed.

The trustee shall apply the proceeds of the trustee’s sale, first, to the costs and expenses of

exercising the power of sale and of the sale, including the payment of the trustee’s fees actually

incurred not to exceed the amount which may be provided for in the trust deed, second, to

payment of the obligation secured by the trust deed, third, to the payment of junior trust deeds,

mortgages, or other lien holders, and the balance, if any, to the person or persons legally entitled

thereto.

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Deficiency Judgment

At any time within three months after any sale of property under a trust deed, as

hereinabove provided, an action may be commenced to recover the balance due

upon the obligation for which the trust deed was given as security, and in such action the

complaint shall set forth the entire amount of the indebtedness, which was secured by such trust

deed and the amount for which such property was sold and the fair market value thereof at the

date of sale, together with interest on such indebtedness from the date of sale, the costs and

expenses of exercising the power of sale and of the sale. Before rendering judgment, the court

shall find the fair market value at the date of sale of the property sold. The court shall not render

judgment for more than the amount by which the amount of the indebtedness with interest and

the costs and expenses of sale, including trustee’s fees, exceeds the fair market value of the

property or interest therein sold as of the date of the sale, and in no event shall the amount of

said judgment, exclusive of interest from the date of sale, exceed the difference between the

amount for which the property was sold and the entire amount of the indebtedness secured

thereby, including said costs and expenses of sale.

*Courtesy of Nebraska State Statutes

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Nevada*

Nevada is a Non-Judicial State

A notice of default is recorded and elected to sell. A copy of the NOD and election to sell is

mailed to the grantor and to the person who holds the title of record. A notice is then sent to the

borrower declaring the entire balance due. After three months, If the borrower fails to cure the

loan, then the property will be sold at foreclosure. The borrower has 35 days from the first day

following the day on which the notice of default and election to sell was recorded to cure the

default.

Notice of Sale

The trustee must give notice of the time and place of sale at least 21 days before sale. The

trustee must also post similar notices in three public places, and publish those notices three

times in a newspaper once a week for three weeks.

Deficiency Judgment

There is a possibility the lender may sue for a deficiency within three months after the

foreclosure sale, if proceeds from the sale failed to generate enough funds to payoff the

remaining balance.

Redemption Period

There is a one-year redemption on judicial sales.

*Courtesy of Nevada State Statutes

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New Hampshire*

New Hampshire is a Non-Judicial State

This is a power of sale state. A “power of sale” is the clause in a deed of trust or mortgage, in

which the borrower pre-authorizes the sale of property to payoff the balance on a loan in the

event of their default. In deeds of trust or mortgages where a power of sale exists, the power to

sell the property is given to the lender or their representative, typically referred to as the trustee. It

requires that the debtor receive a notice of foreclosure only 25 days prior to the auction date.

Notice of Sale

A notice of sale must be recorded in the county where the property is located and then:

(1) mailed to the borrower at least twenty-five (25) days before the sale

(2) published once a week for three (3) weeks, with the first publication appearing not less than

twenty (20) days before the sale, in a newspaper of general circulation in the county where the

property is located.

The notice shall contain the time, date and place of sale, a description of the property and the

default, as well as a “warning” to the borrower, informing him the property is going to be sold

and what rights he has to stop the procedure. The trustee must also post similar notices in

three public places.

Right of Redemption

Borrowers have no rights of redemption.

*Courtesy of New Hampshire State Statutes

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New Jersey*

New Jersey is a Judicial State

New Jersey Fair Foreclosure Act Letters:

Mortgage lenders must send the statutorily required notice letters prior to foreclosure referral.

A title search must be ordered and received prior to filing a complaint. A title search is

generally received within ten to twenty working days of our receipt of the file.

Complaint Filed:

Sheriff has 40 days in which to attempt to serve complaint on all defendants including

all lien holders of record.

Complaint Served:

If service is unsuccessful, service may be made by alternative means after due and diligent

inquiry. Service is the most difficult and time-consuming aspect of New Jersey mortgage

foreclosure practice. Once served, defendants have 35 days to file an answer to the complaint.

If the USA or the State of New Jersey are defendants, those parties have 60 days to answer

the complaint.

10/45 Day Default:

After service is completed on all defendants on default has been entered against them, the Fair

Foreclosure Act requires Notice of Intent to Enter Foreclosure Judgment be sent to

defendant/mortgagor, providing at final opportunity to cure the default. If defendant/mortgagor

does not respond to the letter, the plaintiff must wait 45 days before entering judgment.

Judgment Entered/Writ Of Execution Issued/Sheriff’s Sale Scheduled:

If no response to Complaint is filed by defendants, judgment may be entered for mortgage

foreclosure and sale of the property. Simultaneously, a Writ of Execution is issued and is sent to

the Sheriff to schedule a Sale. The Sheriff is required to schedule a Sale within 6 months of

receipt of the Writ.

Sale Date:

Sales may be postponed twice by the lender and twice by the defendants. Any other

postponements require a Court Order. Bidding instructions are required for all loans. Payment of

all settlement charges must be made to the Sheriff within thirty days of the Sale or it may be

declared null and void. Title and eviction information must be provided immediately after the

Sale in order to calculate settlement charges and to provide the Sheriff with the appropriate

Assignment of Bid.

Ejectment Procedures For New Jersey

Judgment Entered and Writ of Possession Issued:

At the conclusion of the Sheriff’s Sale, judgment may be entered for possession.

Simultaneously, a Writ of Possession is issued and the Sheriff has thirty days to serve the

Writ of Possession on defendant.

Ejectment Date: After the Sheriff serves the Writ of Possession, the occupants are given twenty

days

to move. On the twenty-first day after service of the Writ of Possession, if the

occupants have not vacated the premises, the attorney telephones the Sheriff’s

Office to schedule the eviction. The Sheriff will then assign a date for the eviction,

which is usually 30 to 90 days from the date the judgment is entered. The client

must provide for a moving company and locksmith at the time set by the Sheriff for

the lockout.

Landlord/Tenant Act: If the property is occupied by a tenant, a separate complaint

must be filed in

Landlord/Tenant Court. This process may take 60-180 days.

*Courtesy of National Foreclosure Professionals and New Jersey State Statutes

New Mexico*

New Mexico is a Judicial State

Judicial-

A summons is submitted, a response is required within 25-30 days, if uncontested there will

be entry of judgment, and the sheriff will publish and post notice of sale.

Notice of Sale

The notice of sale must contain a legal description of the property, the place, the time and the

date of sale, which must be at least thirty (30) days after the notice of sale is issued, on which

the foreclosure sale is to be held. The property will then be sold to the highest bidder on the

date specified in the notice.

The whole process takes a minimum of eight months to complete. Two months to default

parties, four to six months until entry of judgment, and two more months before the sheriff

publishes and posts the property for sale.

Redemption Period

In most cases, the borrower has up to nine (9) months to redeem the property by paying the

amount of the highest bid at the foreclosure sale, plus fees, penalties and interest.

*Courtesv of New Mexico State Statutes

New York*

New York is a Judicial State

Judicial

Lawsuit is filed

The lender files a lawsuit. Like most judicial states, the lender begins by having a summons and

a complaint is filed. It is then sent to the borrower asking them to come to court to answer the

complaint. The complaint is a lawsuit, which describes the lenders basis for foreclosure action.

A notice of lis pendens is filed. The borrower has 20 days to answer the complaint. If no action

is taken within the 20 days, there will be a motion for summary judgment. After summary

judgment is granted, the court usually appoints a referee who will determine the amount owed

and recommend how the property should be sold. Once the referee has issued the report, the

court confirms the report and a judgment directing the sale of the property will be entered.

Notice of Sale

The foreclosure sale is advertised in a county newspaper for (4) four weeks. The sale is made by

public auction to the highest bidder. The lender has the option of bidding. The lender must

distribute the proceeds according to the terms of the judgment signed by the judge.

Deficiency Judgment

If proceeds from the sale do not produce sufficient funds, the lender has the right to issue a

deficiency judgment against the borrower. The motion for a deficiency judgment must be within

90 days after the foreclosure auction or the lender loses this right.

Redemption Rights

There is no redemption period for the borrower

*Courtesy of New York State Statutes

North Carolina*

North Carolina is a Non-Judicial State

Right to Foreclose or Sell under Power.

All sales of real property, under a power of sale contained in any mortgage or deed of trust to

secure the payment of money, by any mortgagee or trustee, through an agent or attorney for that

purpose, appointed orally or in writing by such mortgagee or trustee, whether such writing has

been or shall be registered or not, shall be valid, whether or not such mortgagee or trustee was or

shall be present at such sale.

Place of sale of real property.

(a)Every sale of real property shall be held in the county where the property is situated

unless the property consists of a single tract situated in two or more counties.

(b) A sale of a single tract of real property situated in two or more counties may be held in

anyone of the counties in which any part of the tract is situated. As used in this section, a “single

tract” means any tract which has a continuous boundary, regardless of whether parts thereof

may have been acquired at different times or from different persons, or whether it may have

been subdivided into other units or lots, or whether it is sold as a whole or in parts.

(c) When a mortgage or deed of trust with power of sale of real property designates the place of

sale within the county, the sale shall be held at the place so designated.

(d) When a mortgage or deed of trust with power of sale of real property confers upon the

mortgagee or trustee the right to designate the place of sale, the sale shall be held at the place

designated by the notice of sale, which place shall be either on the premises to be sold or as

follows:

(1) Property situated wholly within a single county shall be sold at the courthouse door

of the county in which the land is situated.

(2) A single tract of property situated in two or more counties may be sold at the courthouse

door of anyone of the counties in which some part of the real property is situated.

(e) When a mortgage or deed of trust with power of sale of real property does not designate, or

confer upon the mortgagee or trustee the right to designate, the place of sale, or when it

designates as the place of sale some county in which no part of the property is situated, such

real property shall be sold as follows:

(1) Property situated wholly within a single count shall be sold at the courthouse door

of the county in which the land is situated.

(2) A single tract of property situated in two or more counties may be sold at the courthouse

door of anyone of the counties in which some part of the real property is situated.

Requirement of cash deposit at sale.

(a)If a mortgage or deed of trust contains provisions with respect to a cash deposit at the sale,

the terms of the instrument shall be complied with.

(b) If the instrument contains no provision with respect to a cash deposit at the sale, the

mortgagee or trustee may require the highest bidder immediately to make a cash deposit not to

exceed the greater of five percent (5%) of the amount of the bid or seven hundred fifty dollars

($750.00).

(c) If the highest bidder fails to make the required deposit, the person holding the sale may at

the same time and place immediately re-offer the property for sale.

Notice of Sale and hearing.

The mortgagee or trustee granted a power of sale under a mortgage or deed of trust who seeks

to exercise such power of sale shall file with the clerk of court a notice of hearing in accordance

with the terms of this section. After the notice of hearing is filed, the notice of hearing shall be

served upon each party entitled to notice under this section. The notice shall specify a time and

place for the hearing before the clerk of court and shall be served not less than 10 days prior to

the date of such hearing. The notice shall be served and proof of service shall be made in any

manner provided by the Rules of Civil Procedure for service of summons, including service by

registered mail or certified mail, return receipt requested. However, in those instances that

publication would be authorized, posting a notice in a conspicuous may make service

place and manner upon the property not less than 20 days prior to the date of the hearing, and if

service upon a party cannot be effected after a reasonable and diligent effort in a manner

authorized above, notice to such party may be given by posting the notice in a conspicuous

place and manner upon the property not less than 20 days prior to the date of hearing. Service

by posting may run concurrently with any other effort to effect service. The notice shall be posted

by the sheriff. In the event that the service is obtained by posting, an affidavit shall be filed with

the clerk of court showing the circumstances warranting the use of service by posting.

If any party is not served or is not timely served prior to the date of the hearing, the clerk shall

order the hearing continued to a date and time certain, not less than 10 days from the date

scheduled for the original hearing. All notices already timely served remain effective. The

mortgagee or trustee shall satisfy the notice requirement of this section with respect to those

parties not served or not timely served with respect to the original hearing. Any party timely

served, who has not received actual notice of the date to which the hearing has been continued,

shall be sent the order of continuance by first-class mail at his last known address.

lJot ice of hearing shall be served in a manner authorized in subsection (a) upon:

1. Any person to whom the security interest instrument itself directs notice to be sent in

case of default.

2. Any person obligated to repay the indebtedness against whom the holder thereof intends to

assert liability therefore, and any such person not notified shall not be liable for any deficiency

remaining after the sale.

3. Every record owner of the real estate whose interest is of record in the county where the real

property is located at the time the notice of hearing is filed in that county. The term “record

owner” means any person owning a present or future interest in the real property, which interest

is of record at the time that the notice of hearing is filed and would be affected by the foreclosure

proceeding, but does not mean or include the trustee in a deed of trust or the owner or holder of

a mortgage, deed of trust, judgment, mechanic’s or material man’s lien, or other lien or security

interest in the real property. Tenants in possession under unrecorded leases or rental

agreements shall not be considered record owners.

lJot ice shall be in writing and shall state in a manner reasonably calculated to make the party

entitled to notice aware of the following:

1. The particular real estate security interest

t being foreclosed, with such a description as is

necessary to identify the real property, including the date, original amount, original holder, and

book and page of the security instrument.

2. The name and address of the holder of the security instrument at the time that the notice of

hearing is filed.

3. The nature of the default claimed.

4. The fact, if such be the case, that the secured creditor has accelerated the maturity of

the debt.

5. Any right of the debtor to pay the indebtedness or cure the default if such is permitted. The

holder has confirmed in writing to the person giving the notice, or if the holder is giving the

notice, the holder shall confirm in the notice, that, within 30 days of the date of the notice, the

debtor was sent by first-class mail at the debtor’s last known address a written statement of the

amount of principal and interest that the holder claims in good faith is owed as of the date of the

written statement, a daily interest charge based on the contract rate as of the date of the

statement, and the amount of other expenses the holder contends it is owed as of the date of

the statement.

6. The right of the debtor (or other party served) to appear before the clerk of court at a time and

on a date specified, at which appearance he shall be afforded the opportunity to show cause as

to why the foreclosure should not be allowed to be held. The notice shall contain a statement

that if the debtor does not intend to contest the creditor’s allegations of default, the debtor does

not have to appear at the hearing and that his failure to attend the hearing will not affect his right

to pay the indebtedness and thereby prevent the proposed sale, or to attend the actual sale,

should he elect to do so.

7. That if the foreclosure sale is consummated, the purchaser will be entitled to possession of the

real estate as of the date of delivery of his deed, and that the debtor, if still in possession, can

then be evicted. The name, address, and telephone number of the trustee or mortgagee.

8. That the debtor should keep the trustee or mortgagee notified in writing of his address so that

he can be mailed copies of the notice of foreclosure setting forth the terms under which the sale

will be held, and notice of any postponements or resale’s.

Contents of notice of sale.

The notice of sale shall

1. Describe the instrument pursuant to which the sale is held, by identifying the original

mortgagors and recording data. If the record owner is different from the original mortgagors,

the notice shall also list the record owner of the property, as reflected on the records of the

register of deeds not more than 10 days prior to posting the notice. The notice may also

reflect the owner not reflected on the records if known;

2. Designate the date, hour and place of sale consistent with the provisions of the instrument

and this Article;

3. Describe the real property to be sold in such a manner as is reasonably calculated to inform

the public as to what is being sold, which description may be in general terms and may

incorporate the description as used in the instrument containing the power of sale by reference

thereto. Any property described in the instrument containing the power of sale, which is not being

offered for sale should also be described in such a manner as to enable prospective purchasers

to determine what is and what is not being offered for sale;

4. State the terms of the sale provided for by the instrument pursuant to which the sale is held,

including the amount of the cash deposit, if any, to be made by the highest bidder at the sale;

5. State that the property will be sold subject to taxes and special assessments if it is to be so

sold.

6. State whether the property is being sold subject to or together with any subordinate rights

or interests provided those rights and interests are sufficiently identified

Posting and publishing notice of sale of real property.

In addition to complying with such provisions with respect to posting or publishing

notice of sale as are contained in the security instrument,

Notice of sale of real property shall

1. Be posted, in the area designated by the clerk of superior court for posting public notices in

the county in which the property is situated, at least 20 days immediately preceding the sale.

2. The notice shall be published once a week for at least two successive weeks in a

newspaper published and qualified for legal advertising in the county in which the property is

situated.

3. If no such newspaper is published in the county, then notice shall be published once a

week for at least two successive weeks in a newspaper having a general circulation in the

county.

4. In addition to the required newspaper advertisement, the clerk may in his discretion, on

application of any interested party, authorize such additional advertisement as in the opinion of

the clerk will serve the interest of the parties, and permit the charges for such further

advertisement to be taxed as a part of the costs of the foreclosure.

When the notice of sale is published in a newspaper

1. The period from the date of the first publication to the date of the last publication, both dates

inclusive, shall not be less than seven days, including Sundays, and

2. The date of the last publication shall be not more than 10 days preceding the date of the sale.

3. The notice of sale shall be mailed by first-class mail at least 20 days prior to the date of sale to

each party entitled to notice of the hearing whose address is known to the trustee or mortgagee

and in addition shall also be mailed by first-class mail to any party desiring a copy of the notice of

sale.

Time of sale.

A sale shall begin at the time designated in the notice of sale or as soon thereafter as

practicable, but not later than one hour after the time fixed therefore unless it is delayed by

other sales held at the same place. The sale shall be held between the hours of 10:00 A.M. and

4:00 P.M. on any day other than Sunday or a legal holiday.

*Courtesy of North Carolina State Statutes

North Dakota*

North Dakota is a Judicial State

Action to foreclose mortgage on real estate authorized.

An action may be brought in the district court for the foreclosure or satisfaction of a mortgage

upon real property in accordance with the provisions of this chapter.

What complaint shall state.

In an action for the foreclosure or satisfaction of a mortgage, the complaint shall state whether

any proceedings have been had at law or otherwise for the recovery of the debt secured by such

mortgage, or any part thereof, and if there have been, whether any and what part thereof has

been collected. The plaintiff shall also state in the complaint whether the plaintiff will in a later and

separate action demand judgment for any deficiency, which may remain due to the plaintiff after

sale of the mortgaged premises against every party who is personally liable for the debt secured

by the mortgage.

Summons -How served.

In addition to any other method provided by law for the service of summons, in all actions for the

foreclosure or satisfaction of a mortgage, or other lien, upon real estate, in any court of this

state, the summons may be served personally upon all defendants, if any, in actual possession

of the real estate involved in the action, if such real estate is occupied, and upon all other

defendants by publication in the manner provided in this chapter. When the summons is thus

served the service shall be deemed complete.

Notice before foreclosure.

At least thirty days and not more than ninety days before the commencement of any action or

proceeding for the foreclosure of a mortgage on real estate, a written notice shall be served on

the title owner of record of the real estate described in the mortgage as shown by the records in

the office of the recorder of the county in which such real estate is situated.

Contents of notice.

The notice before foreclosure shall contain:

1. A description of the real estate.

2. The date and amount of the mortgage.

3. The amount due for principal, interest, and taxes paid by the owner of the mortgage,

stated separately.

4. A statement that if the amount due is not paid within thirty days from the date of the mailing or

service of the notice proceedings will be commenced to foreclose the mortgage.

Notice may be served by registered or certified mail.

The notice before foreclosure may be served by registered or certified mail addressed to the

owner of record at the owner’s post-office address as such address is shown by the mortgage or

by the records in the chain of title to such real estate in the office of the recorder of the county

where the real estate is situated. If such post-office address is not shown in the mortgage or in

such records, the notice may be served by registered or certified mail addressed to the owner of

record at the post office nearest any part or tract of the real estate.

Certificate of sale -Deed and effect.

Whenever any real property shall be sold under judgment of foreclosure pursuant to the

provisions of this chapter, the officer or other person making the sale must give to the purchaser

a certificate of sale and at the expiration of the time for the redemption of such property, if the

same is not redeemed, the person or officer making the sale, or the successor in office, or other

officer appointed by the court, must make to the purchaser, the purchaser’s heirs, or assigns, or

to any person who has acquired the title of such purchaser by redemption or otherwise, a deed or

deeds of such property. Such deed shall vest in the grantee all the right, title, and interest of the

mortgagor in and to the property sold, at the time the mortgage was executed, or subsequently

acquired by the mortgagor, and shall be a bar to all claim, right, or equity of redemption in or to

the property by the parties to such action, their heirs and personal representatives, and also

against all persons claiming under them, or any of them, subsequent to the commencement of

the action in which such judgment was rendered.

Application of proceeds.

The proceeds of every foreclosure sale must be applied to the discharge of the debt adjudged by

the court to be due and of the costs, and if there is any surplus, it must be brought into court for

the use of the defendant or of the person entitled thereto, subject to the order of the court.

When there is a surplus.

If the surplus upon a foreclosure sale, or any part thereof, shall remain in court for the term of

three months without being applied for, the judge of the district court may direct the same to be

put out at interest for benefit of the defendant, the defendant’s representatives, or assigns,

subject to the order of the court.

Complaint dismissed on payment of installments due.

Whenever an action shall be commenced for the foreclosure of a mortgage upon which there

shall be due any interest, or any portion or installment of the principal, and there shall be other

portions or installments to become due subsequently, the complaint shall be dismissed upon

the defendant’s bringing into court at any time before decree of sale the principal and interest

due, with costs and disbursements.

Redemption Period.

All real property sold upon foreclosure of a mortgage by order, judgment, or decree of court

may be redeemed at any time within one year after such sale.

*Courtesy of North Dakota State Statutes

Ohio*

Ohio is a judicial state.

Foreclosure actions are commenced with the filing of a complaint, naming as Defendants all

parties having ownership interest, lien or other encumbrance on the property. Service of the

summons is perfected generally by mail, or by publication if a party cannot be located. Unless

the mortgagor files an answer to the complaint within 28 days after service of the summons, a

motion for default judgment can be filed. Otherwise, the case will proceed based upon a motion

for summary judgment or trial. A foreclosure decree setting forth the rights of the various parties

is submitted for approval by the court. Once the foreclosure decree is approved and filed, an

order of sale is issued to the Sheriff, who then retains, 3 fee holders to act as appraisers.

The Sheriff will schedule the Sheriff’s Sale for an auction, and publish a notice of the Sale for at

least 30 days prior to the Sale date in a newspaper of general circulation in the county in which

the property is located. The minimum bid at the Sheriff’s Sale is 2/3 of the Sheriff’s appraisal

proceedings. The sheriff will conduct the sale at the courthouse and the property will be sold to

the highest bidder. Unless there is an irregularity, the court files an order confirming the Sheriff’s

sale. The mortgagor has a statutory right to redeem the property by paying the balance due

together with the court costs, only until the filing of the order confirming the Sale. Uncontested

foreclosures generally take 6-10 months.

Evictions can be accomplished through a writ of possession through the Sheriff, in the event the

occupants were named as parties in the foreclosure action and served with a summons.

Otherwise, possession may only be recovered through a municipal court eviction action. In

ether cases, the process takes approximately 6 weeks until the move out.

Deficiency judgments are fully enforceable, but there is a 2-year statute of limitations to collect

in the event judgment was rendered prior to confirmation the Sheriff’s sale and the property

was a dwelling with 2 units or less.

*Courtesy of National Foreclosure Professionals and Ohio State Statutes

Oklahoma*

Oklahoma is primarily a Judicial State.

The process of foreclosure begins by filing a lawsuit. This allows for the court to order the

foreclosure. There is a filing of lis pendens. The court issues judgment and affidavit of judgment

is filed with county clerk. After court declares foreclosure, there is a special order of sale. The

property must be appraised before it goes to

auction.

Notice of Sale

The notice of sale must be published in a newspaper in the county where the property is located

once a week for at least (3) consecutive weeks, with the first publishing being not less than

thirty (25) days before the sale. Mailings will be sent out to current owners of the property

notifying them of the sale.

Sheriffs Sale

The property must be sold at public auction to the highest bidder at the time and on the date

specified in the notice. The highest bidder at the must post cash or certified funds equal to ten

(10) percent of the bid amount. If the highest bidder is unable to do so, then the lender may

proceed with the sale and accept the next highest bid. The property may not be sold for less than

two-thirds of the appraised value. The lender may issue a deficiency judgment, as long as it is

with in 90 days of the foreclosure sale.

Redemption Period

There is no redemption period in Oklahoma

*Courtesy of Oklahoma State Statutes

Oregon*

Oregon is a judicial and non-judicial state.

* The majority of loans are foreclosed by the non-judicial method.

Default Date Sale

Major Elements of Oregon Foreclosures include:

1 Sending the Notice of Default out for recording and setting a sale date. (Must record

Notice of Default, mail and serve Notice of Sale on occupants more than 120 days before the sale

date).

2 Publication -4 consecutive weeks, the last publication must be more than 20 days before

the sale date.

3 Sale date is set no earlier than 120 days from the Notice of Default.

4 The sale must be conducted between 9 a.m. and 4 p.m. at a place designated in the notice

5 Occupant of premises has 10 days after sale to vacate premises.

6 Sale can be continued up to 180 days (in case of Bankruptcy filing, sale

continued indefinitely).

7 A deficiency judgment cannot be obtained through a non-judicial deed of trust foreclosure

by advertisement.

*Courtesy of National Foreclosure Professionals and Oregon State Statutes

Pennsylvania**

Pennsylvania is a Judicial State

PA-Act 6 and PA. Act 91 Demand/Housing Assistance Notice Letters:

Mortgage lenders must send the statutorily required notice letters prior to foreclosure referral.

A title search must be ordered and received prior to filing a complaint. A title search is

generally received within ten to twenty working days of our receipt of the file.

Complaint Filed:

Sheriff has 30 days in which to serve Complaint or it expires and must be reinstated (usually

served, on the average, within twenty days after Complaint is filed).

Complaint Served:

Defendants have twenty days to file a response (either preliminary objections or answer or both)

to the Complaint. If no response, then Plaintiff must forward ten-day Notice to Defendants. This

Notice advises Defendants that if they do not take action within ten days of the Notice, Judgment

will be entered against them. If the USA is a Defendant, Judgment must be delayed for 90 days.

Judgment Entered/Writ of Executive Issued/Sheriff’s Sale Scheduled:

If no response to Complaint is filed by Defendants and ten-day Notice expires, judgment may be

entered for mortgage foreclosure and sale of the property. Simultaneously, a Writ of Execution is

issued and the Sheriff’s Sale is scheduled. The Defendants must be served the Notice of Sheriffs

Sale at least 30 days prior to the Sheriff’s Sale date. In addition, all lien holders must be served,

by mail 30 days prior to a sale. The individual Sheriff’s departments set a monthly Sale schedule.

There is generally a two-month to four-month period of time from the filing of the Writ until the

actual Sale date.

Sale Date:

Sales may be postponed once and rescheduled within the next lOa-day period. Any other

postponements require a Court order. Bidding instructions are required for all loans. Payment

of all settlement charges must be made to the Sheriff within thirty days of the Sale or it may be

declared null and void. Title and eviction information must be provided immediately after the

Sale in order to calculate settlement charges.

Ejectment Procedures

Complaint Filed:

Sheriff has 30 days in which to serve Complaint or it expires and must be reinstated (usually

served on the average within twenty days after Complaint is filed).

Complaint Served:

Defendants have twenty days to file response to the Complaint. If no response, then Plaintiff

must forward ten-day Notice to Defendants.

Judgment Entered And Write Of Possession Issued:

If no response to Complaint is filed by Defendants and ten-day Notice expires, judgment may

be entered for Possession. Simultaneously, a Writ of Possession is issued and the Sheriff has

thirty days to serve the Writ of Possession on Defendant.

Ejectment Date:

After the Sheriff serves the Writ of Possession, the occupants are given twenty days to move. On

the twenty-first day after service of the Writ of Possession, if the occupants have not vacated the

premises, the attorney telephones the Sheriff’s office to schedule the eviction. The Sheriff will

then assign a date for the eviction, which is usually 30 to 90 days from the date the judgment is

entered. The client must provide for a moving company and locksmith at the time set by the

Sheriff for the lockout.

Pennsylvania Act 6 And Act 91 Requirements

Loan Type Notice of Intention to Homeowner’s Emergency

Mortgage Assistance Notice (PA

Act 91)

Foreclose (PA Act 6)

Type of Mail Certified or Registered Mail Regular Mail with Certificate of

Mailing

Send To Property Address and Last

Known Mailing Address Property Address and Last

Known Mailing Address

Addressed To Each Record Owner(s) and Each Record Owner(s)

Each Original Mortgagors

FHA Under

$50,000 Act 6 Required Act 91 Not Required

FHA Over

$50,000 Act 6 Not Required * Act 91 Not Required

VA/Conventional

Loans Under

$50,000

Act 6 Required Act 91 Required

VA/Conventional

Loans Over

$50,000

Act 6 Not Required* Act 91 Required

* A Demand Letter is generally required prior to commencing any foreclosure action. Please

consult the specific mortgage for details on the type and content of the Preforeclosure Notice to

be sent.

**Courtesy of National Foreclosure Professionals and Pennsylvania State Statutes

Rhode Island*

Rhode Island is a non-judicial State Time Line/Non-

Judicial (Statutory) Foreclosures

Complaint to foreclose.

Any person entitled to foreclose the equity of redemption in any mortgaged estate,

whether real or personal, may prefer a complaint to foreclose it, which complaint

may be heard, tried, and determined according to the usages in chancery and the

principles of equity.

Right of mortgagee to bid at sale.

At any sale by public auction made under and according to the provisions of any mortgage of

real estate, or of any power of sale contained therein or annexed thereto, the mortgagee in the

deed of mortgage or other conveyance, or pledge, his, her, or their assigns, or his, her, or their

heirs, executors or administrators, or any person for him, her, or them, may fairly and in good

faith bid for and purchase the estate or property so put up for sale, or any part thereof, in the

same manner as it may be bid for and purchased by any other person.

Discharge of purchaser at sale by payments to mortgagee.

The receipt in writing of a mortgagee shall be a sufficient discharge for any money accruing from

sales made under the powers of sale conferred by his or her mortgage; and a person paying it to

the mortgagee shall not be obliged to inquire whether any money remains due under the

mortgage, or to see as to the application of such proceeds in case of sale.

Publication of notice under power of sale.

Whenever any real estate shall be sold under any power of sale mortgage executed

subsequent to May 4, 1911, and the mortgage shall provide for the giving of notice of the sale

by publication in some public newspaper at least once a week for three

(3) successive weeks before the sale, the first publication of the notice shall be at least

twenty-one (21) days before the day of sale, including the day of the first publication in the

computation.

Provided, however, that no notice shall be valid or effective unless the mortgagor has been

mailed written notice of the time and place of sale by certified mail return receipt requested at the

address of the real estate and, if different, at the mortgagor’s address listed with the tax

assessor’s office of the city or town where the real estate is located or any other address

mortgagor designates by written notice to mortgagee at his, her, or its last known address, at

least twenty (20) days for mortgagors other than individual consumer mortgagors, and at least

thirty (30) days for individual consumer mortgagors, days prior to the first publication, including

the day of mailing in the computation. The mortgagee shall include in the foreclosure deed an

affidavit of compliance with this provision.

Mortgage foreclosure advertisement.

An advertisement for foreclosure may, if describing the real estate being foreclosed, describe the

real estate to be foreclosed by metes and bounds description and street address, or by recitation

of the taxing authority’s assessor’s plat and lot designation and street address, or by recitation of

the book and page of mortgage and street address.

The Sale

The sale must be made by the sheriff of such county, or his deputy, between the hours of 9:00

am and 5:00 pm to the highest bidder. Any person including the mortgagee (lender) may bid at

the sale. The winning bidder will receive a certificate of sale.

Deficiency Judgments

Obtaining deficiency judgments and actions for possession require “judicial steps” and are

performed separately from the foreclosure sale.

*Courtesy of National Foreclosure Professionals and Rhode Island State Statutes

South Carolina*

South Carolina is a judicial state. Judicial Sales

-No Deficiency Demanded

Debt secured must be established before sale by mortgagee.

No sale under or by virtue of any mortgage or other instrument in writing intended as security for

a debt, conferring a power upon the mortgagee or creditor to sell the mortgaged or pledged

property while such power remains of force or has not been revoked by the death of the person

executing such mortgage or instrument, shall be valid to pass the title of the land mortgaged

unless the debt for which the security is given shall be first established by the judgment of some

court of competent jurisdiction or unless the amount of the debt be consented to in writing by the

debtor subsequently to the maturity of the debt, such consent in writing to be recorded in the

office of the register of deeds or clerk of the court where the mortgage or other instrument in

writing given to secure such debt is or ought to be recorded. But if the mortgagor be dead it shall

not be necessary in any foreclosure proceeding first to establish the debt by the judgment of

some court of competent jurisdiction in order to obtain a decree of foreclosure and sale.

Court may render judgment and order sale at same time.

The court may also render judgment against the parties liable for the payment of the debt

secured by the mortgage and direct at the same time the sale of the mortgaged premises. Such

judgment so rendered may be entered and docketed in the clerk’s office in the same manner as

other judgments. Upon the sale of the mortgaged

premises the officer making the sale under the order of the court shall credit upon the

judgment so rendered for the debt the amount paid to the plaintiff from the

proceeds of the sale.

Application for order of appraisal.

(A) In any real estate foreclosure proceeding a defendant against whom a personal judgment is

taken or asked, whether he has theretofore appeared in the action or not, may within thirty days

after the sale of the mortgaged property apply by verified petition to the clerk of court in which the

decree or order of sale was taken for an order of appraisal.

(B) Except in any real estate foreclosure proceeding relating to a dwelling place or to a consumer

credit transaction, a defendant against whom a personal judgment may be taken on a real estate

secured transaction may waive the appraisal rights as provided by this section if the debtors,

makers, borrowers, and/or guarantors are notified in writing before the transaction that a waiver

of appraisal rights will be required and upon signing a statement during the transaction similar to

the following:

“The laws of South Carolina provide that in any real estate foreclosure preceding a defendant

against whom a personal judgment is taken or asked may within thirty days after the sale of the

mortgaged property apply to the court for an order of appraisal. The statutory appraisal value as

approved by the court would be substituted for the high bid and may decrease the amount of any

deficiency owing in connection with the transaction. THE UNDERSIGNED HEREBY WAIVES

AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH

BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT

REGARDLESS OF ANY APPRAISED VALUE OF THE MORTGAGED PROPERTY.”

Notice of Sale

A notice of sale will usually contain a description of the property, the time and place of sale, the

borrowers name, the lenders name and must be published at the courthouse door and two

other public places at least three weeks before the sale. The notice must also be published in a

local newspaper of general circulation where the property resides for at least 3 consecutive

weeks.

The sale will be held on the first Monday in each month, unless it is a holiday, If the sale lands

on a holiday, then the sale may take place on the following Tuesday. The sale may begin at

11:00 am and go until 5:00 pm, but the sheriff may close the bidding prior to that time.

Deficiency judgment/ Redemption Period.

In actions to foreclose mortgages the court may adjudge and direct the payment by the

mortgagor of any residue of the mortgage debt that may remain unsatisfied after a sale of the

mortgaged premises in cases in which the mortgagor shall be personally liable for the debt

secured by such mortgage and if the mortgage debt be secured by the covenant or obligation of

any person other than the mortgagor the plaintiff may make such person a party to the action and

the court may adjudge payment of the

residue of such debt remaining unsatisfied after a sale of the mortgaged premises against

such other person and may enforce such judgment as in other cases.

Borrowers have no rights to redeem the property after it goes to auction.

*Courtesy of National Foreclosure Professionals and South Carolina State Statutes

South Dakota*

South Dakota is a judicial State

A complaint initiating a civil action is to be served. All parties are given 30 days to answer. Once

judgment is entered, there is a 30 day stay that can be waived by the court.

Notice of Sale

Following the period, notice of sale must be given by publication once a week for four successive

weeks in a newspaper where the property is located. At least 21 days before the sale of the

property, the lender must serve a written copy of the notice of foreclosure sale to the borrower

and any lien holder whose interest in the property being foreclosed would be affected by the

foreclosure. Once publication is complete, the sale is conducted.

The sale will be conducted between the hours of 9:00 am and 5:00 pm. Any person including the

mortgagee (lender) may bid at the sale. The winning bidder will receive a certificate of sale.

Redemption Period

In most cases, borrowers have 1 year from the date of sale to redeem the property.

*Courtesy of South Dakota State Statutes

Tennessee*

Tennessee is a Non-Judicial State

Foreclosure Sale

Where, upon the foreclosure of a mortgage or deed of trust, or in any case, the specified land

to be sold is mentioned in the decree, the court, upon the application of the complainant, may

order that: (l)The property be sold on a credit of not less than six (6) months nor more than two

(2) years.

(2) When the sale is made, and reported and confirmed, no right of redemption or repurchase

shall exist in the debtor or the debtor’s creditors, but that the purchaser’s title shall be absolute.

(3) The surplus of the purchase money, or the bonds or notes taken therefore, over and above

what is necessary to pay the complainant’s debt, be paid to the debtor or the debtor’s other

creditors entitled to the same.

Twenty days’ notice by publication

(a) In any sale of land to foreclose a deed of trust, mortgage or other lien securing the payment

of money or other thing of value or under judicial orders or process, advertisement of such sale

shall be made at least three (3) different times in some newspaper published in the county

where the sale is to be made.

(b) The first publication shall be at least twenty (20) days previous to the sale.

(c) The provisions of this section shall not apply where the amount of indebtedness for the

payment of which the property being sold does not amount to more than two hundred dollars

($200), in which event the owner of the property may order that advertisement be made by

written notices posted, instead of by notices published in a newspaper.

(d) Nothing in this section shall be construed as applying to any notice published in accordance

with any contract entered into heretofore, and expressed in a mortgage, deed of trust or other

legal instruments.

(e) If no newspaper is published in the county in which the land is to be sold, the

advertisement in a newspaper is dispensed with, unless ordered by court.

Posting written notices

Whenever the advertisement cannot be made in a newspaper, the officer shall make publication

of the sale for thirty (30) days by written notices posted in at least five

(5) of the most public places in the county, one (1) of which shall be the courthouse door, and

another in the neighborhood of the defendant; if of realty, in the civil district where the land lies.

Contents of advertisement or notice

The advertisement or notice shall:

(1) Give the names of the plaintiff and defendant, or parties interested

(2) Describe the land in brief terms, including the street address if available

(3) Mention the time and place of sale

Time of sale

The sale in all these cases shall be made between the hours of ten o’clock a.m.

(10:00 a.m.) and four o’clock p.m. (4:00 p.m.) of the day fixed in the notice or

advertisement.

*Courtesy of Tennessee State Statutes

Texas*

Texas is a Non-Judicial State

The lender gives the debtor in default a written notice or demand letter. The borrower is given 20

days to cure the loan before the debt is declared due and notice of sale is given. The lender will

then instruct the trustee to proceed with the foreclosure process.

A sale of real property under a power of sale conferred by a deed of trust or other contract lien

must be a public sale at auction held between 10 a.m. and 4 p.m. of the first Tuesday of a month.

The sale must take place at the county courthouse in the county in which the land is located, or if

the property is located in more than one county, the sale may be made at the courthouse in any

county in which the property is located. The commissioners court shall designate the area at the

courthouse where the sales are to take place and shall record the designation in the real property

records of the county. The sale must occur in the designated area. If no area is designated by the

commissioners court, the notice of sale must designate the area at the courthouse where the sale

covered by that notice is to take place, and the sale must occur in that area.

(b) Notice of the sale, which must include a statement of the earliest time at which the sale will

begin, must be given at least 21 days before the date of the sale:

(1) by posting at the courthouse door of each county in which the property is located a written

notice designating the county in which the property will be sold;

(2) by filing in the office of the county clerk of each county in which the property is located a copy

of the notice posted under Subdivision (1); and

(3) by the holder of the debt to which the power of sale is related serving written notice of the sale

by certified mail on each debtor who, according to the records of the holder of the debt, is

obligated to pay the debt.

(c) The sale must begin at the time stated in the notice of sale or not later than three hours after

that time.

(d) Notwithstanding any agreement to the contrary, the holder of the debt shall serve a debtor in

default under a deed of trust or other contract lien on real property used as the debtor’s residence

with written notice by certified mail stating that the debtor is in default under the deed of trust or

other contract lien and giving the debtor at least 20 days to cure the default before notice of sale

can be given under Subsection (b). The entire calendar day on which the notice required by this

subsection is given, regardless of the time of day at which the notice is given, is included in

computing the 20-day notice period required by this subsection, and the entire calendar day on

which notice of sale is given under Subsection (b) is excluded in computing the 20-day notice

period.

(e) Service of a notice under this section by certified mail is complete when the notice is deposited

in the United States mail, postage prepaid and addressed to the debtor at the debtor’s last known

address as shown by the records of the holder of

the debt. The affidavit of a person knowledgeable of the facts to the effect that service was

completed is prima facie evidence of service.

(f) Each county clerk shall keep all notices filed under Subdivision (2) of Subsection

(b) in a convenient file that is available to the public for examination during normal business

hours. The clerk may dispose of the notices after the date of sale specified in the notice has

passed. The clerk shall receive a fee of $2 for each notice filed.

(g) The entire calendar day on which the notice of sale is given, regardless of the time of day at

which the notice is given, is included in computing the 21-day notice period required by

Subsection (b), and the entire calendar day of the foreclosure sale is excluded.

Right of Redemption

There is no right of redemption in Texas.

*Courtesy of Texas State Statutes

Utah*

Utah is a non-judicial state

Utah’s Trust Deed statutes, which model the California Act, have been in place since 1961.

Because the private power of sale has been conferred on trustees of real estate Trust Deeds by

Utah Code, Trust Deeds in Utah are foreclosed non-judicially. The entire process takes

approximately four and one-half months, the detail of which is included in subsequent

paragraphs.

The foreclosure work is commenced on a file once the referral package is received. This should

include a current status sheet on the loan, copies of the Trust Deed Note, Trust Deed, all

assignments, title policy and Mortgage Insurance Certificate (if available) and possibly the

Substitution of Trustee. If your foreclosure referral package includes the Substitution of Trustee,

the Notice of Default will be immediately prepared and both documents recorded within 10 days

of the date the referral is received. Preparing the Substitution and sending it back for execution

by overnight mail will add approximately two weeks to the time before recording the Notice of

Default.

After recording the Substitution of Trustee and Notice of Default, copies of these

papers must be mailed to the Trustors, as well as all others who have recorded a written

request for the receipt of any notices filed, within 10 days of the recording date. As a matter of

practice, notices are mailed to all persons appearing to have an interest in the property as

determined by the foreclosure title report.

Sale of trust property –Power of trustee –Foreclosure of trust deed.

The trustee is given the power of sale by which the trustee may exercise and cause the trust

property to be sold, after a breach of an obligation for which the trust

property is conveyed as security; or, at the option of the beneficiary, a trust deed may be

foreclosed in the manner provided by law for the foreclosure of mortgages on real property. The

power of sale may be exercised by the trustee without express provision for it in the trust deed.

Sale of trust property by trustee –Notice of default.

The power of sale conferred upon the trustee may not be exercised until:

(1) the trustee first files for record, in the office of the recorder of each county where the trust

property or some part or parcel of the trust property is situated, a notice of default, identifying the

trust deed by stating the name of the trustor named in the trust deed and giving the book and

page, or the recorder’s entry number, where the trust deed is recorded and a legal description of

the trust property, and containing a statement that a breach of an obligation for which the trust

property was conveyed as security has occurred, and setting forth the nature of that breach and

of the trustee’s election to sell or cause to be sold the property to satisfy the obligation;

(2) not less than three months has elapsed from the time the trustee filed for record under Subsection (1); and

(3) after the lapse of at least three months the trustee shall give notice of sale

Notice of trustee’s sale –Description of property –Time and place of sale.

The trustee shall give written notice of the time and place of sale particularly describing

the property to be sold:

(a) by publication of the notice:

(i) at least three times;

(ii) once a week for three consecutive weeks;

(iii) the last publication to be at least ten days but not more than 30 days before the date the

sale is scheduled; and

(iv) in a newspaper having a general circulation in each county in which the property to be

sold, or some part of the property to be sold, is situated; and

(b) by posting the notice:

(i) at least 20 days before the date the sale is scheduled; and

(ii) (A) in some conspicuous place on the property to be sold; and

(6) at the office of the county recorder of each county in which the trust property, or

some part of it, is located.

(2) (a) The sale shall be held at the time and place designated in the notice of sale.

(b) The time of sale shall be between the hours of 8 a.m. and 5 p.m.

(c) The place of sale shall be clearly identified in the notice of sale under Subsection (1) and

shall be at a courthouse serving the county in which the property to be sold, or some part of the

property to be sold, is located.

(d) High bidder must pay $5000 down and the remaining sale price within 24 hours.

(3) The notice of sale shall be in substantially the following form:

Notice of Trustee’s Sale

The following described property will be sold at public auction to the highest bidder, payable in

lawful money of the United States at the time of sale, at (insert location of sale) on

(monthdayyear), at _.m. of said day, for the purpose of foreclosing a trust deed originally

executed by __ (and __, his wife,) as trustors, in favor of__, covering real property located at ,

and more particularly described as:

(Insert legal description)

The current beneficiary of the trust deed is and the record owners of the property as of the

recording of the notice of default are

Dated (monthdayyear).

Trustee

The Trustors, fee title owner or any creditor has the right to reinstate the loan delinquency within

three months after the date of recording by paying all delinquent installments, late charges,

inspection fees and the foreclosure fees and costs. If not reinstated during this three month

period, the matter is set for a Trustee’s Sale

which takes place four or five weeks after the end of the reinstatement period. It is optional with

the beneficiary whether a reinstatement will be accepted after the three month reinstatement

period has ended. However, the V.A. regulations require the beneficiary to accept a

reinstatement right up to the time of sale, and H.U.D. strongly recommends it.

After the sale takes place, a Trustee’s Deed to the successful bidder will be prepared. This is

usually H.U.D., V.A. or the beneficiary of the conventional loan. Trustee’s Deeds on conventional

loans will be prepared and sent for recording approximately one week following the sale. On V.A.

loans, the Trustee’s Deed is recorded in the name of the beneficiary and a Special Warranty

Deed from the beneficiary to the

V.A. is subsequently recorded. The V.A. requires that both deeds be recorded within seven days

following the date of sale. Due to H.U.D. regulations that need to be met, the Trustee’s Deeds on

F.H.A. loans is prepared immediately, but awaits approval before being recorded.

At the time the Trustee’s Deed is recorded, the necessary title work is ordered to show clear title

to the purchaser. Experience has shown that it may take ten days to obtain the title packages.

As soon as the final title package is received, a copy is sent to the client’s office, along with

the foreclosure bill. The original title package is mailed to F.H.A. or the

V.A. as appropriate. This completes the foreclosure process.

Occasionally this process is interrupted by bankruptcy, an eviction, or title problems. Mortgages

are also valid in Utah, but are not often used. The foreclosure of a mortgage requires court

action. Only one or two percent of Utah loans are secured by Mortgages rather than Trust

Deeds. The process of foreclosing a Mortgage takes approximately eight and one-half months.

Utah Non-Judicial Trust Deed Foreclosure TImeline

Week 1

The file is opened the day it is received and reviewed. It is assigned a file number and entered

into a computer system. If a Substitution of Trustee is received with the referral package, a

Notice of Default is then prepared and recorded within ten days of receipt of the referral. If a

Substitution is not included with the referral, one is prepared and sent to the client for execution

by overnight mail delivery.

Week 2

As soon as the documents are recorded, a foreclosure title report is ordered. A conformed copy

of the recorded Notice of Default and Substitution of Trustee are mailed to the original trustors,

present owners, and all other parties with a recorded interest by certified mail. The client is

notified by letter of the recording date, when the three month reinstatement period will end, and

the estimated sale date.

Week 15

At the end of the three month reinstatement period, the file will be pulled and set for a Trustee’s

Sale. The Trustee’s Sale is held approximately five weeks after the reinstatement period ends.

The Notice of Trustee’s Sale is mailed to the original trustors, present owners, and all other

parties with a recorded interest by certified mail. The Notice of Trustee’s Sale must be published

in a newspaper having general circulation within the county the property is located, once a week

for three consecutive weeks, the last publication being at least 10 days prior but not more than 30

days prior to the sale. The Notice of Trustee’s Sale must also be posted on the property and 3

other public places within the same county the property is located at least 20 days prior to the

sale. The client will be notified by letter of the sale date and will be asked for bidding instructions

prior to the sale.

Week 20

The Trustee’s Sale is held and a Trustee’s Deed is prepared conveying the property to the

highest bidder at the sale. If the property is purchased by HUD, the Trustee’s Deed is held until

notified to record it. A copy of the unrecorded deed is sent to the client for their claim. If it is a

conventional loan, the Trustee’s Deed is recorded immediately, and a conformed copy is sent to

the client. If it is a VA loan, the Trustee’s Deed is recorded in the name of the beneficiary and a

Special Warranty Deed from the beneficiary to the VA is subsequently recorded. The VA

requires both deeds to be recorded within seven days following the date of sale. A conformed

copy of each document is sent to our client as well as to the VA. After the Trustee’s Deed is

recorded, a final title package is ordered which upon receipt is forwarded to the client, HUD or

the VA, whichever applies.

*Courtesy of National Foreclosure Professionals and Utah State Statutes

Vermont*

Vermont is a Judicial State

The entity bringing forth the action files the assignment and a notice is sent to the defendants

to appear in court. One may file a motion with the complaint. The defendants must file an

answer of the court will enter a default judgment. The plaintiff may also move for summary

judgment. Judgment is made and the plaintiff prepares the foreclosure decree. The defendants

have five days to object to the decree.

Notice of Sale

Notice of sale should be published at least thirty (30) days prior to auction, a notice of intent to

foreclose must also be sent to the borrower by registered or certified mail at his or her last known

address. The notice of intent must include information on the mortgage to be foreclosed, state the

current condition and the lenders right to accelerate the mortgage. It must also include the total

amount necessary to cure the defaulted loan. The borrower must also be informed that he or she

is entitled to receive a notice of sale at least sixty (60) days prior to the date of sale.

The borrower holds the right to redeem the property at any time prior to the foreclosure sale by

paying the full amount due on the mortgage, plus any legal fees, and costs incurred during

foreclosure.

The sale must be held on the property itself, unless otherwise ordered by the court. The

property must be sold to the highest bidder. Anyone may bid at the sale, including the lender.

The borrower is entitled to receive any surplus from the sale.

Deficiency Judgment

Lenders hold the right to sue for deficiency if the sale price is not enough to cover the amount

of the mortgage in default.

Redemption Period

Defendants will have a six month redemption period.

*Courtesy of Vermont State Statutes

Virginia*

Virginia is a non-judicial state.

Day 1

Review of file, acknowledgment of receipt of referral and preparation and forwarding of

Substitution of Trustee to lender for execution. With Absolute Wireless the referral

acknowledgment the client will be advised of any missing documentation. Virginia law requires

that the Trustee receive a written request from the lender to proceed with foreclosure. The

Trustee needs (1) the original note and copy of the deed of trust, (2) copy of default/breach letter

and (3) the tide insurance policy. Note: If the original note has been lost a copy with a lost note

affidavit will suffice, but the lender, prior to the institution of the foreclosure, must give the

obligor(s), including the property owner, written notice that the original note is unavailable and

that a request for sale by the Trustee will be made upon expiration of 14 days from the date of

the notice. This notice must be sent certified mail, return receipt requested, to the last known

address of the obligor(s) and must include the name and address of the Trustee and must

further advise the obligor(s) that if he believes that he may be subject to a claim by a person

other than the lender to enforce it he may petition the circuit court of the city or county wherein

the property lies for an order requiring the lender to provide adequate protection against any

such claim. The Trustee cannot proceed to sale without either the original note or the lost note

notice (with the return receipt or returned envelope).

Days 2-14

Examination and review of title. The lender and title insurer are advised of any title defects and

appropriate steps are undertaken to clear any title defects.

Days 15-20

Preparation of foreclosure notices to owners of record title and any others liable on the note. The

minimum notice is 14 days prior to the date of the sale. Additionally, if there are IRS liens,

homeowners’ or condominium association liens or junior deed of trust, lien notice must be given

to these lien holders as well. Simultaneously, with the foreclosure notice, the newspaper

advertisement of sale is prepared and forwarded to the appropriate newspaper for publication.

The language of the deed of trust usually controls the advertising required. The minimum

advertisement required in Virginia is, if weekly, once a week for 2 successive weeks, or if daily,

once a day for 3 successive days. If the deed of trust is silent on the number of publications then

it must be advertised once a week for 4 successive weeks. However, if the property lies within a

city or in a county contiguous to a city, daily publication for 5 days, which may be consecutive, is

deemed adequate.

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D

ay 50

The foreclosure sale is held. The Trustee conducts the sale. Virginia law allows the lender to

submit to the Trustee a written one-price bid in advance of the sale. The Trustee cannot bid

actively on behalf of the lender but can open the bidding at the one-price bid of the lender. A

bidder’s deposit of 10% of the successful bid is required at the time of sale. If the lender is the

successful bidder this is waived. The lender is advised of the sale results immediately following

the sale.

Days 51-65

Assuming the lender is the successful bidder, the proposed foreclosure deed, a copy of the

proposed accounting, a “receipt” for the net sale proceeds and an invoice for the expenses of

sale, including the cost of recording the foreclosure deed, is submitted to the lender. Upon

receipt of the requested funds and the “receipt” the deed is recorded and costs are paid. At this

point, except for the accounting, the foreclosure is complete. Except for the IRS lien situations,

there is no right of redemption in Virginia. If a third party is the successful bidder the Trustee

coordinates the settlement with the bidder’s attorney and proceeds to closing. If the successful

bidder defaults, the bidder’s deposit is used to pay the expenses of the foreclosure with the

excess funds forwarded to the lender and the process begins again.

Days 90-100

The Trustee is required to file an accounting of the sale with the Commissioner of Accounts

within 6 months of the date of the foreclosure sale. Included in this report is the accounting,

copies of the canceled checks for all sale expenses, the original note (or lost note affidavit and

lost note notice with receipts) and a copy of the recorded foreclosure deed.

Insurer Guarantor Requirements

FHA and VA regulations set forth specific time requirements for the institution and completion of

the foreclosure process which must be met by the servicer in order to maintain the loan guaranty.

The typical “time-line” previously set forth well exceeds these requirements. Daily monitoring of

all pending foreclosures allows the firm to be ever cognizant of its time and reporting

responsibilities.

How deed of trust construed

Every deed of trust to secure debts or indemnify sureties is in the nature of a contract and shall

be construed according to its terms to the extent not in conflict with the requirements of law.

Unless otherwise provided therein, it shall be construed to impose and confer upon the parties

thereto, and the beneficiaries thereunder, the following duties, rights and obligations in like

manner as if the same were expressly provided for by such deed of trust:

1. The deed shall be construed as given to secure the performance of each of the covenants

entered into by the grantor as well as the payment of the primary obligation.

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2. The grantor shall be deemed to covenant that he will pay all taxes, levies, assessments and

charges upon the property, including the fees and charges of such agents or attorneys as the

trustee may deem advisable to employ at any time for the purpose of the trust, so long as any

obligation upon the grantor under the deed of trust remains undischarged.

3. The grantor shall be deemed to covenant that he will keep the improvements on the

property in tenantable condition, whether such improvements were on the property when the

deed of trust was given or were thereafter placed thereon.

4. The grantor shall be deemed to covenant that no waste shall be committed or suffered

upon the property.

5. The grantor shall be deemed to covenant that in the event of his failure to meet any

obligations imposed upon him then the trustee or any beneficiary may, at his option, satisfy the

same. The money so advanced, with interest thereon as provided in the deed of trust, shall be a

part of the debt secured by the deed of trust, in the event of sale to be paid next after the

expenses of executing the trust, and shall be otherwise recoverable from the grantor as a debt.

In addition, to the extent not otherwise covered, the grantor shall be deemed to covenant that

amount advanced or incurred by the trustee or any beneficiary under a deed of trust (i) with

respect to an obligation secured by a lien or encumbrance prior to the lien of the deed of trust or

(ii) for the protection of the lien secured by the deed of trust, together with interest as provided in

the deed of trust, shall be a part of the debt secured by the deed of trust, to be paid next after

expenses of executing the trust.

6. A covenant to pay interest shall be deemed a covenant to pay interest on the principal balance

as such rate may vary or be modified from time to time by the parties under the original

instruments or agreements or a written agreement of modification whether or not recorded, and

all the interest on the principal secured by the deed of trust shall be on an equal priority with the

principal debt secured by the deed of trust, in the event of sale to be paid next after the expenses

of executing the trust.

Any covenant, otherwise authorized by law, that the lender shall be entitled to share in the gross

income or the net income, or the gross rent or revenues, or net rents or revenues of the property,

or in any portion of the proceeds or appreciation upon sale or appraisal or similar event, shall be

on an equal priority with the principal debt secured by the deed of trust, in the event of sale to be

paid next after the expenses of executing the trust, and shall be specified in the recorded deed

of trust or other recorded document in order to be notice of record as against subsequent

parties.

7. In the event of default in the payment of the debt secured, or any part thereof; at maturity, or in

the payment of interest when due, or of the breach of any of the covenants entered into or

imposed upon the grantor, then at the request of any beneficiary the trustee shall forthwith

declare all the debts and obligations secured by the deed of trust at once due and payable and

may take possession of the property and proceed to sell the same at auction at the premises or

in the front of the circuit court building or at such other place in the city or county in which the

property or the greater part thereof lies, or in the corporate limits of any city surrounded by or

contiguous to such county, or in the case of annexed land, in the county of which the land was formerly a part, as the trustee may select upon such terms and

conditions as the trustee may deem best.

8. If the sale is upon credit terms, the deferred purchase money shall bear interest from the

day of sale and shall be secured by a deed of trust upon the property contemporaneous with

the trustee’s deed to the purchaser.

9. The party secured by the deed of trust, or the holders of greater than fifty percent of the

monetary obligations secured thereby, shall have the right and power to appoint a substitute

trustee or trustees for any reason and, regardless of whether such right and power is expressly

granted in such deed of trust, by executing and acknowledging an instrument designating and

appointing a substitute. When the instrument of appointment has been executed, the substitute

trustee or trustees named therein shall be vested with all the powers, rights, authority and duties

vested in the trustee or trustees in the original deed of trust. The instrument of appointment shall

be recorded in the office of the clerk wherein the original deed of trust is recorded prior to or at

the time of recordation of any instrument in which a power, right, authority or duty conferred by

the original deed of trust is exercised.

Notices required before sale by trustee to owners

A. In addition to the advertisement, the trustee or the party secured shall give written notice of the

time, date and place of any proposed sale in execution of a deed of trust by personal delivery or

by mail to (i) the present owner of the property to be sold at his last known address as such

owner and address appear in the records of the party secured, (ii) any subordinate lien holder

who holds a note against the property secured by a deed of trust recorded at least thirty days

prior to the proposed sale and whose address is recorded with the deed of trust, (iii) any

assignee of such a note secured by a deed of trust provided the assignment and address of

assignee are likewise recorded at least thirty days prior to the proposed sale, (iv) any

condominium unit owners association which has filed a lien, (v) any property owners’ association

which has filed a lien, and (vi) any proprietary lessees association which has filed a lien. Written

notice shall be given pursuant to clauses (iv), (v) and (vi), only if the lien is recorded at least thirty

days prior to the proposed sale. Mailing of a copy of the advertisement or a notice containing the

same information to the owner by certified or registered mail no less than fourteen days prior to

such sale and to lien holders, the property owners association or proprietary lessees’ association,

their assigns and the condominium unit owners’ association, at the address noted in the

memorandum of lien, by ordinary mail no less than fourteen days prior to such sale shall be a

sufficient compliance with the requirement of notice. The written notice of proposed sale when

given as provided herein shall be deemed an effective exercise of any right of acceleration

contained in such deed of trust or otherwise possessed by the party secured relative to the

indebtedness secured. The inadvertent failure to give notice as required by this subsection shall

not impose liability on either the trustee or the secured party.

If a note or other evidence of indebtedness secured by a deed of trust is lost or for any reason

cannot be produced and the beneficiary submits to the trustee an affidavit to that effect, the

trustee may nonetheless proceed to sale, provided the beneficiary has given written notice to

the person required to pay the instrument that the instrument is unavailable and a request for

sale will be made of the trustee upon expiration of fourteen days from the date of mailing of the

notice. The notice

shall be sent by certified mail, return receipt requested, to the last known address of the person

required to pay the instrument as reflected in the records of the beneficiary and shall include the

name and mailing address of the trustee. The notice shall further advise the person required to

pay the instrument that if he believes he may be subject to a claim by a person other than the

beneficiary to enforce the instrument he may petition the circuit court of the county or city where

the property or some part thereof lies for an order requiring the beneficiary to provide adequate

protection against any such claim. If deemed appropriate by the court, the court may condition

the sale on a finding that the person required to pay the instrument is adequately protected

against loss that might occur by reason of a claim by another person to enforce the instrument.

Adequate protection may be provided by any reasonable means. If the trustee proceeds to sale,

the fact that the instrument is lost or cannot be produced shall not affect the authority of the

trustee to sell or the validity of the sale.

Failure to comply with the requirements of notice contained in this section shall not affect the

validity of the sale, and a purchaser for value at such sale shall be under no duty to ascertain

whether such notice was validly given.

In the event of postponement of sale, which may be done in the discretion of the trustee, no

new or additional notice need be given pursuant to this section.

Advertisement required before sale by trustee

A. Advertisement of sale by a trustee or trustees in execution of a deed of trust shall be in a

newspaper having a general circulation in the city or county wherein the property to be sold, or

any portion thereof; lies pursuant to the following provisions:

1. If the deed of trust itself provides for the number of publications of such newspaper

advertisement, which may be done by using the words “advertisement required” or words of like

purport followed by the number agreed upon, then no other or different advertisement shall be

necessary, provided that, if such advertisement be inserted on a weekly basis it shall be

published not less than once a week for two weeks and if such advertisement be inserted on a

daily basis it shall be published not less than once a day for three days, which may be

consecutive days, in the same manner as if the method were set forth in the deed of trust.

Should the deed of trust provide for advertising on other than a weekly or daily basis either of the

foregoing provisions shall be complied with in addition to those provided in such deed of trust.

Notwithstanding the provisions of the deed of trust, the sale shall be held on any day following

the day of the last advertisement which is no earlier than eight days following the first

advertisement nor more than thirty days following the last advertisement.

2. If the deed of trust does not provide for the number of publications of such newspaper

advertisement, the trustee shall advertise once a week for four successive weeks; provided,

however, that if the property or some portion thereof is located in a city or in a county

immediately contiguous to a city, publication of the advertisement five different days, which may

be consecutive days, shall be deemed adequate. The sale shall be held on any day following

the day of the last advertisement which is no earlier than eight days following the first

advertisement nor more than thirty days following the last advertisement.

B. Such advertisement shall be placed in that section of the newspaper where legal notices

appear or where the type of property being sold is generally advertised for sale.

C. In addition to the advertisement required by subsection A above, the trustee shall give such

other further and different advertisement as the deed of trust may require and in addition may

give such additional advertisement as he may deem appropriate.

D. In the event of postponement of sale, which postponement shall be at the discretion of the

trustee, advertisement of such postponed sale shall be in the same manner as the original

advertisement of sale.

E. Failure to comply with the requirements for advertisement contained in this section

shall, upon petition, render a sale of the property voidable by the court.

Contents of advertisements of sale

The advertisement of sale under any deed of trust, in addition to such other matters as may be

required by such deed of trust or by the trustee, in his discretion, shall set forth a description of

the property to be sold, which description need not be as extensive as that contained in the deed

of trust, and shall identify the property by street address, if any, or if none, shall give the general

location of the property with reference to streets, routes, or known landmarks. Where available,

tax map identification may be used but is not required. The advertisement shall also include the

time, place and terms of sale and shall give the name or names of the trustee or trustees. It shall

set forth the name, address and telephone number of such person (either a trustee or the party

secured or his agent or attorney) as may be able to respond to inquiries concerning the sale.

Powers and Duties of trustee in event of sale under a deed of trust

A. In the event of sale under a deed of trust, the trustee shall have the following powers and

duties in addition to all others:

1. Written one-price bids may be made and shall be received by the trustee from the beneficiary

or any other person for entity by announcement of the trustee at the sale. Any person other than

the trustee may bid at the foreclosure sale, including a person who has submitted a written one-

price bid. Upon request to the trustee or trustees, any other bidder in attendance at a foreclosure

sale shall be permitted to inspect written bids. Whenever the written bid of the beneficiary is the

highest bid submitted at the sale, such document shall be filed by the trustee with his account of

sale. The written bid submitted pursuant to this subsection may be prepared by the beneficiary,

its agent or attorney.

2. The trustee may require of any bidder at any sale a cash deposit of as much as ten per

centum of the sale price (unless the deed of trust specifies a higher or lower maximum, which

may be done by the words “bidder’s deposit of not more than… dollars may be required,” or

words of like purport) before his bid is received, which shall be returned to the bidder unless the

property is sold to him, otherwise to be applied to his credit in settlement or, should he fail to

complete his purchase promptly, to be applied to pay the costs and expense of sale and the balance, if any, to be retained by the trustee as his compensation in connection with that sale.

3. The trustee shall receive and receipt for the proceeds of sale, no purchaser being required to

see to the application of the proceeds, account for the same to the commissioner of accounts

and apply the same, first, to discharge the expenses of executing the trust, including a

reasonable commission to the trustee; secondly, to discharge all taxes, levies, and assessment,

with costs and interest if they have priority over the lien of the deed of trust, including the due

pro rata thereof for the current year; thirdly, to discharge in the order of their priority, if any, the

remaining debts and obligations secured by the deed, and any liens of record inferior to the

deed of trust under which sale is made, with lawful interest; and, fourthly, the residue of the

proceeds shall be paid to the grantor or his assigns; provided, however, that the trustee as to

such residue shall not be bound by any inheritance, devise, conveyance, assignment or lien of

or upon the grantor’s equity, without actual notice thereof prior to distribution; provided further

that such order of priorities shall not be changed or varied by the deed of trust.

B. Upon discharge (other than by sale by the trustee) of all debts, duties and obligations

imposed by the deed upon the grantor, including any expenses incurred preparatory to sale,

then upon the grantor’s request the trustee shall execute and deliver a good and sufficient

deed of release at the grantor’s own proper costs and charges.

*Courtesy of National Foreclosure Professionals and Virginia State Statutes

Washington*

Washington is a judicial and non-judicial state.

The majority of loans are foreclosed by the non-judicial method.

Elements of Washington Foreclosures Include:

1 Mailing and posting the Notice of Default out (wait approximately 30 days).

2 Setting the Trustee’s Sale that includes recording mailing and posting of the Notice of

Trustee’s Sale (must be done more than 90 days before sale date).

3 Publication -2 times at specific intervals in the last month before sale.

4 Holding the Sale (Must be at least 190 days after date of first default)

5 Sales can be continued up to 120 days.

Notice of Default

At least 30 days prior to setting a Trustee’s Sale, the beneficiary or trustee must mail a Notice of

Default to the borrower and grantor both by first class and certified or registered mail, and either

post the Notice of Default on the premises or personally serve the Notice on the borrower and

grantor. The Notice of Default identifies the Deed of Trust and the nature of the default, and gives

an itemized account of the arrearage and the foreclosure costs and fees. Loans that are being

foreclosed nonjudicial/y may be reinstated any time up through 11 days before the Trustee’s

Sale. Whether to accept reinstatement after that date is the prerogative of the lender. The loan

may be paid off at any time before the sale.

Notice of Trustee’s Sale

After 30 days have elapsed from the mailing and posting or serving of the Notice of Default, and

at least 90 days prior to the sale, the trustee must mail a Notice of Trustee’s Sale to the borrower

and grantor and to lien holders, and other parties with an interest in the property who are

specified in the Deed of Trust Act.

1. The Notice of Trustee’s Sale must also be recorded with the auditor of the county where the

property secured by the Deed of Trust is located, and either posted or personally served more

than 90 days before the sale date.

2. The trustee must also mail a Notice of Foreclosure to the grantor with the Notice of Trustee’s

Sale. Trustee’s Sales may only be set in public places on Fridays between 9:00 a.m. and 4:00 p.m., unless Friday is a legal holiday, in which case, it may be set

on the following Monday.

3. The lJotice of Trustee’s Sale must be published in a legal newspaper at specified times on 2

occasions in the month before the sale. The Trustee’s Sale may be continued by the trustee for

any cause the trustee deems advantageous, for a period or periods not exceeding 120 days. A

Trustee’s Sale may be reset for a date no sooner than 45 days after a bankruptcy case is

dismissed or closed or relief granted from the automatic stay, if the sale was stayed by the

bankruptcy and the time (120 days) has elapsed for continuing the sale. Trustee’s Sales are

made without warranty as to title, possession, or encumbrances. After the Sale, a Trustee’s Deed

is recorded reciting that the Sale was conducted in compliance with the Deed of Trust Act. The

Act contains special provisions regarding the procedure for restraining a Trustee’s Sale.

*Courtesy of National Foreclosure Professionals and Washington State Statutes

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West Virginia*

West Virginia is a Judicial State

Requires suit to be filed and service on the debtor, who is then allowed sufficient time to answer

the suit according to the procedure and rules. Thereafter, the mortgagee is free to schedule a

hearing during which the court will typically enter an order authorizing the sale of the property by

a special commissioner appointed by the court.

Notice of Sale

The notice of sale is usually posted on the front door of the courthouse for the county in which

the property to be sold is located, and in three (3) other public places, one of which must be the

property itself, at least twenty (20) days prior to sale. The notice must also be served upon the

borrower and subordinate lien holders at least twenty (20) days prior to the foreclosure sale.

The notice must also contain the time and place of the foreclosure sale, the names of the parties

to the deed, the date of the deed, recording information, a property description and the terms of

the sale.

The sale must be held at the time and place stated in the foreclosure notice and completed by

public auction to the highest bidder. Unless the deed specifies the terms of sale, the buyer

must pay one-third (1/3) of the bid amount in cash at the sale.

Deficiency Judgment

Deficiency actions are generally not permitted in West Virginia.

Rights of Redemption

There are no rights of redemption in West Virginia.

*Courtesy of West Virginia State Statutes

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Wisconsin*

Wisconsin is a Judicial State

This usually involves filing a lawsuit to obtain a court order to foreclose. Mail the notice of

entry of judgment. Verify the period of redemption. File the bill of costs. Set a date for the

Sheriff sale.

Notice of Sale

Publish a notice of the sheriff’s sale. It must be published for six full weeks and the last

publication must be completed at least one week prior to the day of the sale. The notice must be

posted is three public places and contain the sale date, time, and location.

Auction

Once proof is obtained of the posting and publishing of the sale, the auction is held, where the

bid must be paid unless it is by the plaintiff and is the amount of the judgment or less. A report

is made of the final sale and a motion date is set for confirmation of sale.

The sale must be held at the time and place stated in the foreclosure notice. The winning

bidder will receive a certificate of purchase.

Redemption Period

Unless the foreclosure sale has been confirmed by court order, the borrower has one year (12

months) to redeem the property by paying the amount of the highest bid at the foreclosure sale,

plus interest.

*Courtesy of Wisconsin State Statutes

Wyoming*

Wyoming is a Judicial State

The process is brought about with a complaint requisition foreclosure of the mortgage and a

deficiency judgment on the note. The mortgagor has 20 days to respond to the letter of

complaint. Judgment is entered and notice of sale is given along with the time, place, and

location of sale. A notice of sale will be published in a local newspaper, after which time the sale

will commence.

Sale on foreclosure of mortgage.

When a mortgage is foreclosed a sale of the premises shall be ordered. The decree directing the

sale is sufficient warrant for the sheriff or other officer to proceed to advertise and conduct the

sale. An order of sale issued by the clerk of court or an appraisement of the real property to be

sold is not necessary. When the premises to be sold are in one (1) or more tracts, the court may

direct the officer who makes the sale to subdivide and sell the same in parcels, or to sell anyone

(1) of the tracts as a whole.

Sale to be at public vendee

No lands or tenements shall be sold by virtue of any execution or decree of foreclosure unless

the sale is by public vendee between the hours of 10:00 a.m. and

5:00 p.m. of the same day, nor unless the time and place of holding the sale was previously

advertised for four (4) consecutive weeks in the county newspaper in the county where the lands

and tenements are situate. The notice shall state the names of the plaintiff and defendant in the

action, and the time and place of sale. In all notices the lands or tenements to be sold shall be

described with reasonable certainty by appropriate description. If any officer sells any lands or

tenements by virtue of any execution or decree, otherwise than as provided, the officer so

offending shall forfeit and pay fifty dollars ($50.00) for every offense, to be recovered with costs

in any court of record in this state by the person whose lands were advertised and sold.

Certificate of purchase

When real property is sold by virtue of an execution, order of sale, decree of foreclosure or

foreclosure by advertisement and sale, the sheriff or other officer, instead of executing a deed to

the premises sold, shall give to the purchaser of the lands a certificate in writing describing the

property purchased and the sum paid therefore, or if purchased by the plaintiff in execution or by

the mortgagee, the amount of his bid. The certificate shall state that the purchaser is entitled to a

deed for the property at the expiration of the period of redemption, unless the property is

redeemed prior to that date as provided by law. The sheriff or other officer shall record in the

office of the recorder of the county a duplicate of the certificate, signed and acknowledged by

him, and the certificate or a certified copy thereof is admissible as evidence of the facts therein

contained.

Right of redemption

(a) Except as provided with respect to agricultural real estate, it is lawful for any person, his

heirs, executors, administrators, assigns or guarantors whose real property has been sold by

virtue of an execution, decree of foreclosure, or foreclosure by advertisement and sale within

three (3) months from the date of sale, to redeem the real estate by paying to the purchaser, his

heirs, executors, administrators or assigns, or to the sheriff or other officer who sold the

property, for the benefit of the purchaser, the amount of the purchase price or the amount given

or bid if purchased by the execution creditor or by the mortgagee under a mortgage, together

with interest at the rate of ten percent (10%) per annum from the date of sale plus the amount of

any assessments or taxes and the amount due on any prior lien which the purchaser paid after

the purchase, with interest. On payment of this amount the sale and certificate granted are void.

(b) In the case of any mortgage upon one (1) or more parcels of real estate any or all of which

were agricultural real estate on the date of execution of the mortgage as stated in the

mortgage, the period within which the owner, his heirs, executors, administrators, assigns or

guarantors may redeem the premises sold is twelve (12) months from the date of the sale.

(c) The term “agricultural real estate” means any parcel of land in excess of twenty (20) acres

lying outside the exterior boundaries of any incorporated city, town or recorded subdivision. If the

mortgage recites that the real estate involved is agricultural real estate, it is presumed the parties

to the mortgage, their heirs, executors, administrators, assigns, guarantors or successors in

interest have agreed to and are bound by all the provisions of law relative to the right of

redemption.

*Courtesy of Wyoming State Statutes

About The Co-Authors:

Tim and Julie Harris have been leaders since day one of their careers. After selling more than 100 homes in their very first year and every year there after. They gained great acclaim when the National Association or Realtors named them Agents of the Year in 1997. They were consistently rated on the NARs lists of top 500 Agents in the US. They were also the youngest and fastest to achieve the Re/Max Platinum award. They are both Howard Brinton StarPower Stars, and have been long-time coaches for the Mike Ferry Organization. Having been involved in thousands of real estate transactions, Tim and Julie have shown their acumen not just for the business itself, but their abilities to impact their coaching clients.

Tim and Julie Harris are unique in the coaching and training field because they have actually done what they teach. In an industry filled with professional ‘speakers’ and ‘gurus’ whom have never sold real estate or haven’t sold real estate in decades Tim and Julie stand out – Matter of fact, they are still involved in the real estate sales industry every day.

Tim and Julie have contributed directly to the success of thousands of real estate professionals nationwide, through their unique and proven techniques. With over tens of thousands of coaching calls, they are proud to have some of the most successful agents in the country enrolled at The Harris Real Estate University.

Every day, over 11,000 agents participate in a Harris Real Estate University coaching program.

For more information, find Tim and Julie Harris at:

www.HarrisRealEstateUniversity.com