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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Elroy Jetson who wrote (89257)	7/31/2009 2:04:01 PM
From: Peter V	Read Replies (1) \| Respond to of 94695

Yep, judicial foreclosure is a much more lengthy and costly process than the relatively simple non-judicial trust deed sale procedure, and for that reason it is rarely used. Plus, as you mentioned, all the risk to the lender of getting very little for his costly investment of filing a judicial foreclosure action. I think your friend has little risk of a judicial foreclosure. The bigger question is whether a bank will loan him the money for the next house, and I really don't know the answer to that. Personally, I'd buy the second house before I let the first one go into foreclosure. .