Jurisdictions across the country practice three types of foreclosure, and the procedures that apply to your circumstances depend in part on state and local laws and, in part, on the wording of your mortgage loan agreement. Mortgage defaulters living in Maine, Vermont and Connecticut should be familiar with strict foreclosures, since lenders in these states are among the few who can use this type of foreclosure process. Only two states, Connecticut and Vermont, allow a special type of judicial foreclosure known as strict foreclosure. With each of the three types of foreclosure, practices differ in terms of how the lender handles default, eviction and, ultimately, the recovery of your property if you don't pay your home loan.
Each type of foreclosure has its own set of procedures and tends to favor one party (lender or borrower) over the other.
