States having nonjudicial foreclosure procedures

 What is non-judicial foreclosure process? Bank or lender has “power of sale” clause in deed of trust. This provision allows the bank to recover its loan by selling the foreclosure property without going to a court. Bank cannot get a deficiency judgment to recover any amount exceeding the proceeds of foreclosure sale. And, the homeowner does not have a redemption right. So, you don’t need to worry about any redemption right.

Keep in mind that the bank or lender financing the property that is being subject to foreclosure may not have “power of sale” clause. In such case, the foreclosure sale might have been done by applying judicial foreclosure and the homeowner may have redemption right

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Right of Redemption