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judicial foreclosure

   Also found in: Dictionary/thesaurus, Legal, Acronyms, Encyclopedia, Wikipedia 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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Basically in Florida, the lender must go to court and wait for it to issue the final judgment on the property; this is also known as a judicial foreclosure.
In judicial foreclosure states, it is usually the judgment of foreclosure and sale that quantifies this sum.
5 million loans being serviced in Florida, 374,134 are in the judicial foreclosure process.
 
 
 
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