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Foreclosures: A Cockeyed Process - 213697

Foreclosures: A Cockeyed Process

Foreclosure is a remedy to enforce a lien to real property that has been granted as collateral to secure a loan. It is a product of state law, with a limited federal law involvement. Each of the 50 states break down to being either classified as being non-judicial or judicial foreclosure states. This classification relates to the primary procedure for conducting a foreclosure within that jurisdiction. Yet, even within those categories, the procedures vary. Although judicial ordered foreclosure is available in Virginia, the almost exclusive practice is foreclosure through a non-judicial sale conducted by a trustee or substitute trustee. At the conclusion of the process, the high bidder – either the Noteholder or a third party buyer – will acquire title. The issue for that high bidder is whether the title is insurable and/or marketable.


Richard A. Knee, Esq.
Mr. Knee is a partner and the Supervising Attorney for the Foreclosure Department of Glasser and Glasser, P.L.C. He is a 1972 graduate, with honors, from the United States Coast Guard Academy. While serving in the Coast Guard, he attended and graduated from the University of Houston Law Center in 1978. He continued to serve on active duty with the Coast Guard in variety of assignments until retiring in October 2000 as a Captain (0-6). He immediately joined Glasser and Glasser, P.L.C. He is admitted to practice in Virginia and Texas.