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Foreclosure
(redirected from Judicial foreclosure)

    Also found in: Legal, Encyclopedia, Wikipedia, Hutchinson 0.04 sec.
Foreclosure
A situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract.

Notes:
In some cases, to avoid foreclosing on a home, creditors try to make adjustments to the repayment schedule to allow the homeowner to retain ownership. This situation is known as a special forbearance or mortgage modification.

Foreclosure
Process by which the holder of a mortgage seizes the property of a homeowner who has not made interest and/or principal payments on time as stipulated in the mortgage contract.
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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.
Obscure court ruling ensnares property owner; owner may have to ... by Cole, Benjamin Mark / Los Angeles Business Journal
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.
Fairness in foreclosure sales by Schiff, Edward L. / Real Estate Weekly
It is significantly less expensive and less time-consuming than a judicial foreclosure, he said.
Bankruptcy plan ok'd for 850 East Third Avenue by Weiss, Lois / Real Estate Weekly
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