Judicial Foreclosure


Definition of "Judicial foreclosure"

Shelly German <br>"Building Your Dreams A Home"
Shelly German 
"Building Your Dreams A Home"
Keller Williams Integrity

Property of a defaulted borrower is sold under court order, and the judge must approve the amount received. For example, Fidelity Bank has a first mortgage balance of $100,000 on Mr. X's home. The property is foreclosed because of nonpayment. The property is sold for only $70,000. A deficiency judgment is then entered for the $30,000 balance.

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