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.
While fully respecting differing or opposing points of view, the section continues to believe that foreclosure reform, which seeks to responsibly expedite and streamline the judicial foreclosure process without compromising fundamental fairness or the property and due process rights of those holding interests in the property, is very much in the best interest of the citizens of Florida.
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.
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.
David Simmons, R-Altamonte Springs, asked to see the specific language of the Dodd-Frank bill but said he doesn't think much change is needed to current state law to help speed judicial foreclosures.
and John Does 1-50: Judicial foreclosure of deed of trust, judicial foreclosure of security agreement, appointment of receiver.
4, 2010, Fitch assigned a Negative Outlook for the entire sector on increased concerns surrounding alleged procedural defects in the judicial foreclosure process.
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.
Florida had some of the metropolitan areas that saw the biggest annual declines in foreclosure activity, likely aided by the fact that Florida is a judicial foreclosure state which requires courts to sort out foreclosure issues in such volumes that significant hurdles are inevitable.
Plaintiff seeks judicial foreclosure of trust deed and change of venue.
Examples of relevant litigation issues include judicial foreclosure, bankruptcy and related adversarial proceedings, cash collateral and sequestration orders, receiverships, DIP reports, affirmative defenses, counter-claims, lender liability claims and/or exposure.

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