- judicial foreclosure
A foreclosure in which the foreclosing party files a lawsuit in the county where the real estate is located, seeking a court judgment allowing the property to be sold at a foreclosure sale because the owner has defaulted on mortgage payments. A few states use what are called strict foreclosures, which let the judge order ownership of the property transferred to the foreclosing party without a sale. Judicial foreclosures commonly take much longer than nonjudicial ones. Compare: nonjudicial foreclosureCategory: Bankruptcy, Foreclosure & Debt → ForeclosureCategory: Real Estate & Rental Property → Homeowners
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
- judicial foreclosure
USAA sale of mortgaged property that is handled as a civil lawsuit and supervised by a court. Proceeds are allocated first to satisfying the mortgage, then distributed to other lien holders and finally split among any remaining borrowers. Every state has its own approach to judicial foreclosure. Certain aspects, including notification requirements, vary considerably among the states.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
- judicial foreclosure
n.a judgment by a court in favor of foreclosure of a mortgage or deed of trust, which orders that the real property which secured the debt be sold under foreclosure proceedings to pay the debt. The party suing probably has chosen to seek a judicial foreclosure rather than use the foreclosure provisions of the mortgage or deed of trust. Usually this move is made to get a "deficiency judgment" for any amount still owed after the foreclosure sale. In many states (such as California) a foreclosure on the deed of trust limits the recovery to the amount of sale proceeds (sales price minus other debts), so a lawsuit for judicial foreclosure may help the party recover the total money owed to him/her if it was secured by the debtor's real property.
Law dictionary. EdwART. 2013.
Look at other dictionaries:
Judicial Foreclosure — Foreclosure proceedings in which a mortgage lacks the power of sale clause. In such an instance, many states require the foreclosure to be processed through the state s courts. If the court confirms that the debt is in default, an auction is held … Investment dictionary
judicial foreclosure — Foreclosure of a mortgage or lien by an action, as distinguished from foreclosure by seizure and sale. The function of a judicial foreclosure is to declare judicially the forfeiture for condition broken, to obtain an order for sale, and to… … Ballentine's law dictionary
judicial foreclosure — See foreclosure sale … Black's law dictionary
foreclosure — fore·clos·ure /fōr klō zhər/ n 1: a legal proceeding that bars or extinguishes a mortgagor s equity of redemption in mortgaged real property see also deficiency judgment at judgment, redeem … Law dictionary
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judicial — ju·di·cial /jü di shəl/ adj [Latin judicialis, from judicium judgment, from judic judex judge, from jus right, law + dicere to determine, say] 1 a: of or relating to a judgment, the function of judging, the administration of justice, or the… … Law dictionary
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Foreclosure Filing — The initial legal process of selling a mortgaged property that is in default. When a borrower defaults in making mortgage payments or otherwise fails to fulfill the terms of the mortgage agreement, the lender can enforce its rights through the… … Investment dictionary
foreclosure sale — see sale Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. foreclosure sale … Law dictionary
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