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.
While fully respecting differing or opposing points of view, the section continues to believe that foreclosure reform, which seeks to responsibly expedite and streamline the judicial foreclosure process without compromising fundamental fairness or the property and due process rights of those holding interests in the property, is very much in the best interest of the citizens of Florida.
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.
Plaintiff seeks judicial foreclosure of trust deed and change of venue.
Examples of relevant litigation issues include judicial foreclosure, bankruptcy and related adversarial proceedings, cash collateral and sequestration orders, receiverships, DIP reports, affirmative defenses, counter-claims, lender liability claims and/or exposure.
Also at MBA's secondary conference, BENJAMIN LAWSKY, superintendent of the New York State Department of Financial Services, took the unusual step of using a national venue to announce a state initiative to reform a judicial foreclosure process that is among the worst in the country.
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.
"It is significantly less expensive and less time-consuming than a judicial foreclosure, he said.
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.
Florida had some of the metropolitan areas that saw the biggest annual declines in foreclosure activity, likely aided by the fact that Florida is a judicial foreclosure state which requires courts to sort out foreclosure issues in such volumes that significant hurdles are inevitable.

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