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Commercial Real Property Methods of Foreclosure: State Comparison Chart

by Practical Law Real Estate

Law stated as of 17 December 2020 | Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, USA (National/Federal), Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming

A Chart that provides a state-by-state overview of the legal processes for foreclosing on commercial real property. This resource compares the key frameworks across all 50 states and the District of Columbia, outlining the common security instruments, such as a mortgage or deed of trust, used to secure a loan. It details the distinct procedures for both judicial and non-judicial foreclosure, offering insight into the strategic considerations for lenders. This Chart also examines critical state-specific rules governing a lender's ability to obtain a deficiency judgment against borrowers and guarantors, the requirements for possessing original loan documents, and a borrower's post-sale right of redemption. This Chart is an essential starting point for lenders, borrowers, and their counsel navigating the complex landscape of commercial foreclosure laws. We update this Chart semi-annually.

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