financing secrets of a millionaire real estate investor.pdf

142 APPENDIX B
STATE
TYPE OF
SECURITY MOST
COMMONLY USED
FORECLOSURE
METHOD
REDEMPTION PERIOD
MISC
Alabama Mortgage Power of Sale 12 months Borrower can reinstate loan within 5 days of sale
Alaska Deed of Trust Power of Sale None Borrower can reinstate loan up to date of sale so long as a
notice of defaulted has not been filed more than 2x in the past
Arizona Mortgage Judicial None
Arkansas Deed of Trust Power of Sale Within one year
California Deed of Trust Power of Sale None
Colorado Deed of Trust Power of Sale 75 days Borrower can cure up to sale date
Connecticut Mortgage Strict Foreclosure None, unless ordered by the court A strict foreclosure vests title in the lender without a sale.
Borrower cannot reinstate the loan. A court may delay the
foreclosure for up to six months if the borrower is not making
enough money!
Delaware Mortgage Judicial None
Dist. of
Columbia
Deed of Trust Power of Sale None Borrower can reinstate up to 45 days before sale once in two
consecutive years
Florida Mortgage Judicial Up to the date the clerk files the certificate
of sale
Georgia Mortgage Power of Sale None
Hawaii Mortgage Power of Sale None
Idaho Deed of Trust Power of Sale None Borrower can cure with 115 days of the filing of the notice of
default
Illinois Mortgage Judicial Until the latter of 3 months of entry of
judgment or 7 months of service of the
foreclosure complaint
Indiana Mortgage Judicial None
Borrower has 90 days from the service of the complaint to
reinstate
Iowa Mortgage Judicial One year
Kansas Mortgage Judicial 3-12 months, depending on the property’s
equity
Kentucky Mortgage & Deed of
Trust
Judicial
Up to one year if the sale does not bring at
least 2/3 of the property’s value
Louisiana Mortgage Judicial None
Maine Mortgage Judicial Within one year unless the mortgage Borrower can reinstate within 30 days of default
agreement provides for less
Maryland Deed of Trust Power of Sale with court
supervision
None stated, although equitable
redemption permitted
Massachusetts Mortgage Power of Sale None
Michigan Mortgage Power of Sale Varies, but generally 6 months on houses
Minnesota Mortgage Power of Sale 6 to 12 months, depending on equity
Mississippi Deed of Trust Power of Sale None Borrower can reinstate up to the date of sale
Missouri Deed of Trust Power of Sale One year if the lender purchases the
property at sale
Montana Deed of Trust Judicial None
Nebraska Deed of Trust Judicial None Borrower can reinstate before sale
Nevada Deed of Trust Power of Sale None Borrower has 35 days from filing of notice of default to
reinstate loan
New
Mortgage Power of Sale None NH mortgage can also have a strict foreclosure provision
Hampshire
New Jersey Mortgage Judicial 6 months after entry of judgment
New Mexico Mortgage Judicial 9 months, but may be as little as 1 month
by agreement in writing
New York Mortgage Judicial None
North Carolina Deed of Trust Power of Sale None
North Dakota Mortgage Judicial One year
Ohio Mortgage Judicial Only up to the date of confirmation of sale
Oklahoma Mortgage Judicial Only up to the date of confirmation of sale
Oregon Deed of Trust Power of Sale None Borrower may reinstate up to 5 days before sale
Pennsylvania Mortgage Judicial None Borrower may reinstate before the sale, up to 3x in 1 year
Rhode Island Mortgage Power of Sale Up to 3 years by filing a lawsuit
South Carolina Mortgage Judicial None
South Dakota Mortgage Power of Sale None Borrower can make lender go through a judicial foreclosure
Tennessee Deed of Trust Power of Sale Up to 2 years
Texas Deed of Trust Power of Sale None Borrower has 20 days from notice of default to reinstate loan
Utah Deed of Trust Judicial 6 months Borrower can reinstate within 3 months of notice of default
Vermont Mortgage Strict Foreclosure None
Virginia Deed of Trust Power of Sale None
Washington Deed of Trust Power of Sale None Borrower can reinstate loan up to 11 days before sale
West Virginia Deed of Trust Power of Sale None if the sale is confirmed by the court Borrower has 10 days from notice of default to reinstate loan
Wisconsin Mortgage Judicial None Borrower has until sale date to cure default
Wyoming Mortgage Power of Sale None