judicial foreclosure


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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. (See: foreclosure, mortgage, deed of trust)

References in periodicals archive ?
Jacobs (39) the Court applied its reasoning from Richmond Mortgage & Loan and reached a similar result in an appeal testing the constitutionality of the anti-deficiency provision recently added to the New York judicial foreclosure statutes.
"Judicial Foreclosures and Statutory Redemption: The Soundness of Iowa's Traditional Preference for Protection Over Credit," Iowa Law Review, vol.
This view is routine in judicial foreclosures, and in non-judicial proceedings as well in some states.
After taking the lead in the fight against nonjudicial foreclosure legislation, it became clear to the section that the interests of all Floridians would be better served by seeking well-reasoned reforms to Florida's judicial foreclosure process.
Foreclosure activity increased in states that primarily use the judicial foreclosure process, a court-ordered process initiated by the lender that can take months, or even years to complete.
Ankeny; Darla Darcy; Debbie Walters; Dana Larson; Does 1-10 and Does 11-20; Bruce Goldberg M.D., as director of the State of Oregon Department of Human Services; and National City Bank: Plaintiff seeks $151,711, judicial foreclosure.
Prior to commencing a judicial foreclosure or not later than 30 days after sending the pre-foreclosure notice for a nonjudicial foreclosure, the creditor must notify an eligible borrower of the availability of the foreclosure-resolution process.
George Senior Living LLC, Montclair Senior Living LLC, Senior Living LLC, Vancouver Care LLC, Sunwest Management Inc., and John Does 1-50: Judicial foreclosure of deed of trust, judicial foreclosure of security agreement, appointment of receiver.
Unlike a judicial foreclosure of real estate mortgage under Rule 68 of the Rules of Court, any property brought within the ambit of the act is foreclosed by the filing of a petition, not with any court of justice, but with the office of the sheriff of the province where the sale is to be made.
Depending on the state, the foreclosure process may take as little as two months in non-judicial foreclosure states to as long as four years or more in states with a judicial foreclosure process.
* Twenty-five states have nonjudicial foreclosure processes; 19 require the involvement of a judge; and six have both nonjudicial and judicial foreclosure systems.

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