Judicial Foreclosure: An Overview
Judicial foreclosure is a process that involves court action. It is used when mortgagors are unable to repay their loans and lenders want to reclaim the property used as collateral for the loan. In this article, we will provide an overview of judicial foreclosure and explain how it differs from non-judicial foreclosures.
Judicial foreclosures begin with the lender filing a lawsuit in court against the borrower who has not made payments on their loan. The purpose of the lawsuit is for the lender to obtain a judgment that gives them legal rights to take possession of and sell the property in order to recover any unpaid debt owed by the borrower. Once a judgment has been issued by a judge, then it can be enforced through various legal means such as garnishment or seizure of assets.
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