Judicial Foreclosure
In some jurisdictions, mortgagees must get a court order to foreclose on a mortgage. This is called a judicial foreclosure. Judicial foreclosures (like all foreclosures), are governed by the law of the jurisdiction that the mortgaged property is located in. This is almost always the law of a state. See State Property Statutes.
Definition from Nolo’s Plain-English Law Dictionary
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 foreclosure
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:18 pm
