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What is a power of sale foreclosure?

Foreclosures can be a positive thing, especially if you want to get out of debt. However, it's important to know that there are multiple kinds of foreclosures, and they're not all treated the same way. Some may be in your benefit, but others may not.

A power of sale is essentially a sale that is completed by a mortgage holder, typically a bank or lender, without the court's involvement. This is usually a faster way of foreclosing on a property, so mortgage lenders may prefer it.

Are there any advantages to a power of sale foreclosure?

Yes. In fact, there is less court oversight. Because of this, the mortgage company has much more freedom in how it chooses to sell the home or property.

What are the disadvantages of a power of sale foreclosure?

Once a company decides to sell a property as a power of sale foreclosure, it can no longer ask the court for a deficiency. For you, as a debtor, this is good. It means the company can no longer ask you to make up the difference in what is owed if the sale takes place.

What are some concerns about the power of sale foreclosure process?

When a power of sale foreclosure takes place, there must be a notice placed in a local newspaper or other public location. The mortgagor must also be told about the sale. However, the problem with this is that some people believe the Fourteenth Amendment is violated with this process, since the notification and hearing requirements of the amendment aren't being met.

Source: FindLaw, "Foreclosure by Power of Sale," accessed May 20, 2016

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