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Foreclosures of vacant land follow the same process as foreclosures of improved land. While banks would rather get paid than foreclose, they will foreclose if they have no choice. If you are facing the prospect of a foreclosure, you should know that the law makes banks go through very specific steps to ensure the rights of landowners are protected. If a bank fails to follow the steps, foreclosures can be stopped — at least for a while.
Judicial Foreclosure
Judicial foreclosure involves the bank filing a lawsuit for a court order permitting the foreclosure and sale of the property. The owners of the vacant land and other creditors can challenge the bank in court. You will have an opportunity to present evidence and witnesses in support of your case. The bank has the burden of proof to establish its right to foreclose on the property. If it cannot establish its right, the court will not issue an order for foreclosure.