Judicial Foreclosure


Definition of "Judicial foreclosure"

Tom  Bhatia
  Premier Property Pro

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.



Search Real Estate Glossary

Related Real Estate Glossary terms

Related Real Estate FAQ