I don't know if either affects credit or future prospects any differently, but nonjudicial sounds like it might be better for me on the whole. Is this true?
In my opinion, no, but the question is irrelevant if you're talking about a foreclosure in Florida, which is a judicial foreclosure state. A judicial foreclosure requires the bank to file a verified foreclosure complaint and proceed through the courts just like any other lawsuit. A non-judicial foreclosure allows the bank to file a writ with the court and seize your property without going through the usual court process and if you want to defend against the foreclosure, the homeowner has to file a lawsuit against the bank.
If you are facing a foreclosure, I strongly recommend you talk to a foreclosure defense attorney who can audit your mortgage documents.
This communication is not intended to create an attorney/client relationship. It is always recommended you consult an attorney in person to discuss your case. The Law Offices of Stage & Associates practices state-wide and represents homeowners and community associations. Please visit our website at www.stagelaw.com.
Non-judicial foreclosures are more efficient for mortgage lenders; judicial foreclosures provide more protection for homeowners. As Attorney Stage said, there is no such thing as a non-judicial foreclosure in Florida. If you are unsure of your rights with respect to your mortgage, you should consult a lawyer who is experienced in real estate or mortgage foreclosure defense.
Disclaimer: This answer is provided for informational purposes only, does not constitute legal advice, and does not create an attorney-client relationship. Actual legal advice can only be provided after completing a comprehensive consultation in which all of the relevant facts are discussed and reviewed.
Speeding / Traffic Ticket Lawyer
Maybe you heard of a "deed-in-lieu" of foreclosure, in which you avoid foreclosure? Or perhaps a "short-sale", which is just a sale and the bank forgives any left over amount of money that you owe? As far as I know, all states have foreclosures, it is just a matter of whether a judge (judicial) gets involved or not. Georgia is a non-judicial, but Florida is a judicial. If a homeowner is behind on their payments, their credit score would be affected no matter what state or type of foreclosure. Hope that answers your question. We don't have a choice in Florida--it is a judicial foreclosure state.
You don't have a choice. In Florida there is no such thing as nonjudicial foreclosure. Furthermore, from the attorneys I know who practice in nonjudicial states, it is a terrible and unfair process.
Please note that the above is not intended as legal advice, it is for educational purposes only. No attorney-client relationship is created or is intended to be created hereby. You should contact a local attorney to discuss and to obtain legal advice.