judicial foreclosure


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judicial foreclosure

A foreclosure mechanism used in some states. An action must be filed with a court to begin the foreclosure process.The court will then fix the amount of the debt and order foreclosure of the property.

References in periodicals archive ?
102) In their place, states can require lenders to pursue the alternative judicial foreclosure remedies available under the laws of all states.
Only a court in a judicial foreclosure or the applicable governmental entity in a nonjudicial foreclosure may make a determination of abandonment, which must be based on credible evidence.
A deed-in-lieu transaction can be particularly helpful to a lender in a jurisdiction that allows only judicial foreclosure, where foreclosure can take up to two years in states like Delaware.
The court also noted that a judicial foreclosure sale may also be set aside if there was an excusable mistake, particularly if such mistake caused the property to bring a much lower price that it otherwise would have.
She further noted that states with a judicial foreclosure process have a foreclosure inventory rate that is roughly three times as high as that for non-judicial states.
The case law in Florida is fairly supportive that once you completed a judicial foreclosure, the bona fide purchaser is protected from having their foreclosure transfer overturned," Fields said.
It is significantly less expensive and less time-consuming than a judicial foreclosure, he said.
Both judicial and non-judicial foreclosure states saw decreases in loans in foreclosure, but states with a judicial foreclosure system continue to have a combined foreclosure rate that is around three times that of non-judicial states.
Florida represents 50 percent of pending foreclosures in the 23 judicial foreclosure states.
This is because of the lender has transferee liability for the gains tax outside of a judicial foreclosure proceeding.
The court also noted that judicial foreclosure sales may also be set aside if there was an excusable mistake particularly if such mistake caused the property to bring a much lower price than it otherwise would have.
Complicating matters even further is the fact that Florida is a judicial foreclosure sales in data collected for August 2014.

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