Judicial Foreclosure


Definition of "Judicial foreclosure"

Ann Vaughn & Wendy Vaughn real estate agent
Ann Vaughn & Wendy Vaughn, Real Estate Agent CENTURY 21 Birchwood Realty, Inc.

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.

Have a question or comment?
We're here to help.

 
 
 
*** Your email address will remain confidential.
 
 
 

 

Popular Real Estate Terms

Popular Real Estate Questions