Nonjudicial Foreclosure Sale
Definition of "Nonjudicial foreclosure sale"
Foreclosure sale enable in those states permitting the use of a power of sale clause to be inserted into a mortgage or deed of trust empowering the mortgagee to advertise and sell a property at a foreclosure sale upon the mortgagor's payment default. A nonjudicial foreclosure sale enables a foreclosure action without a formal judicial action.
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