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Updated over 8 years ago,
Are there any advantages to judicial foreclosure?
I just got through reading this article here:
https://www.rocketlawyer.com/article/mortgage-vs-d...
Today I learned that owners/lenders in mortgage states (i.e. FL) must take back their property through a process called judicial foreclosure. This is opposed to nonjudicial foreclosure that is involved with a deed of trust. Some states allow mortgages only (16). Some allow deed of trust only (26). Some allow both (9).
https://www.rocketlawyer.com/article/which-states-...
I am curious if there are any advantages to judicial foreclosure. And in the interest of fostering confidence in property transfer and commerce in general, what would be some reasons why a state would not allow a deed of trust?