What is the main feature of a non-judicial foreclosure process?

The main feature of a non-judicial foreclosure process is that the lender acts without court oversight. In this type of foreclosure, the lender can proceed with the sale of the property without having to file a lawsuit or obtain a court order. This typically streamlines the process, allowing lenders to handle defaults more efficiently and reduces legal costs associated with judicial involvement.

While the other options include relevant aspects of foreclosures, they do not accurately capture the essence of a non-judicial procedure. For instance, while immediate property transfer may happen, it is not a defining characteristic; the process can still entail timeframes and necessary notifications. Additionally, non-judicial foreclosures do not require multiple stakeholders for approval since the lender's unilateral action facilitates quicker resolutions. Lastly, while many properties in non-judicial foreclosures are often sold at auction, this does not specifically differentiate them from judicial processes, which may also utilize auctions as a sale method. Thus, the lack of court oversight is what truly sets non-judicial foreclosures apart.