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Judicial Foreclosure Definition
The judicial process of foreclosure is used when no power of sale is present in the mortgage or deed of trust. In a judicial foreclosure a lender files a lawsuit to obtain a court order to foreclose on a delinquent borrower’s home. The court orders the borrower to pay the amount of debt and gives the borrower a set amount of time to pay (generally a short period). If the borrower fails to pay in the time allotted, the court advertises the property for sale and the borrowers home is auctioned off to the highest bidder on the steps of the county courthouse for repayment of principal and interest on the borrowers loan.
If a judicial foreclosure is used the borrower has one year (12 months) (statutory right of redemption) after the foreclosure sale to redeem the property by paying the amount for which the property was sold, plus interest and administrative costs.
This is different from a non-judicial foreclosure, in which a foreclosure can be completed outside the court system.
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