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Overages Surplus Funds | Judicial and Non Judicial Difference & Foreclosures - YouTube
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welcome back heroes today we're going to
learn to be investigators. This video
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goes through all 50 states in the U.S.
to determine which states follow a
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judicial foreclosure process and which
states follow a non-judicial foreclosure
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process. This matters in determining
where you need to look for your lists to
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determine if the homeowner prior to the
foreclosure is owed any surplus funds.
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But first subscribe to Overages Hero where
we specialize in breaking down complex
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concepts about real estate overages and
teaching you in simple terms so you can
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be a hero to someone who needs you. And we're starting now!
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First up, the difference between judicial
and non-judicial foreclosures. In a
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judicial foreclosure state the lender
has to file a lawsuit in court in order
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to foreclose. Judicial foreclosures can
take from a few months to years from the
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time notice is given to the homeowners
and the actual auction. These auctions
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are typically held inside the courthouse
or on the courthouse steps by a judge or
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other appointed official. In contrast in
a non-judicial foreclosure state the
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lender can foreclose without going
through the court system non judicial
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states can complete the foreclosure
process rather quickly since they don't
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go through the court system. Whereas
judicial states can take a lot longer
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non judicial auctions can be held by a
trustee in various places, on the
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courthouse steps, at the property, in a
convention center or a ballroom. A quick
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way to tell whether the state you're
working in is judicial or non judicial
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is how the loan is secured. So let me
explain. In judicial states home loans
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are secured by a mortgage.
Whereas non judicial states home loans
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are typically secured by a deed of trust.
Next up which states are judicial and
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which states are non judicial? Did you
know some states can actually be both?
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I'm going to break it down for you right
now.
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But first hit the like button on this
video to be able to easily find this
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video and refer to it later. You're
probably going to want to go through
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this one again. Here are your strictly
judicial states in alphabetical order.
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I'll let you read them yourself.
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As you
can see a lot of states follow a
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judicial foreclosure process.
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Now for the
strictly non judicial state and then
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I'll point out which states can follow
both a judicial and non-judicial
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foreclosure process. Ready for the non
judicial states? Here they are.
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and here
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is your list of states that can follow
both judicial and non-judicial
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foreclosure proceedings. Why is knowing
this information important to your
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research? Because when you know the type of foreclosure that the state you're
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working in follows, then it will help
you find more information online about
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who filed the foreclosure and therefore
who the trustee is. Whoever files the
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foreclosures handles the foreclosures. If
you're unsure call the courthouse for
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the city that you're working in and ask
who handles the foreclosures.
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In the next video I'm going to be
teaching you about which states don't
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even have overages, which states keep the
overage, and which states have a cap or
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limitation on your finder's fee.
You'll learn which states are illegal to
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even contact homeowners about surplus
funds and more value packed education so
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hit the subscribe button and stay tuned
in for videos 1 & 2 in this series. I'll
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put them in the description below. You'll
definitely need those to build on if
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you're just getting started with the
real estate overages business.
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