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judicial foreclosure

   Also found in: Legal, Acronyms, Encyclopedia, Wikipedia, Hutchinson 0.01 sec.
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.



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Last year, Clarfield's Carbon Mesa sought judicial foreclosure against Shlens, and in June it won summary judgment - meaning Shlens had to pay up on the loan and accumulating interest and fees, unless he wins on appeal.
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.
It is significantly less expensive and less time-consuming than a judicial foreclosure, he said.
 
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