What type of foreclosure process does Lendright Home Loans use?

Lendright Home Loans utilizes a non-judicial foreclosure process. In this method, foreclosure can occur without direct court involvement, which often makes the process faster and less costly for the lender. Non-judicial foreclosures typically rely on power of sale clauses included in the mortgage or deed of trust. This allows lenders to sell the property at a public auction to recover outstanding debts after the borrower defaults on their loan.

This is in contrast to judicial foreclosure, which must go through the court system and can be more time-consuming due to legal proceedings. Reversal foreclosure is not a standard foreclosure process recognized in the industry, and deficiency foreclosure specifically relates to situations where the sale of the property does not cover the outstanding mortgage balance, leading to a personal judgment against the borrower. Thus, the choice of a non-judicial foreclosure process likely indicates Lendright’s preference for efficiency and reduced costs in handling defaults.