Note Investing in Non-Judicial Forclosure States

[Daniel Cruz]

Hey All,

I posted this question here:

https://www.biggerpockets.com/forums/70/topics/291046-ppr-note-fund?page=3#p2595114

and @James Mc Ree (https://www.biggerpockets.com/users/JamesM15) made mention of note investing in Judicial forclosure states vs. Non-Judicial forclosure states.

I'd like to start investing in some reperforming notes, but how can you tell if the collateral property is in a Judicial or Non-Judicial forclosure state? And does it really make a difference?

Thanks for any help you can provide.

[Mike Hartzog]

It makes a difference if you need to foreclose.  Non-judicial states are quicker and generally less expensive because the foreclosure process does not go through the courts.  RealtyTrac has a decent summary by state:

http://www.realtytrac.com/real-estate-guides/foreclosure-laws/