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A Judicial foreclosure, involves the sale of the mortgaged property under the supervision of a court. Usually in the county court where the property is located.

Once the property is sold, the proceeds will go to satisfy the mortgage balance first and then the remaining lean holders will get their portion. If there are any funds left after everyone has been satisfied, it will go to the borrower.

A Judicial foreclosure is available in every US state and is required in many US States. The lending company usually starts the judicial foreclosure process by filing a lawsuit against the borrower of the loan in court.

Required Notices

 

As with all other legal actions, all parties must be notified of the foreclosure, but notification requirements vary significantly from state to state in the US.

A judicial decision is awarded by a state or local court. For very rare situations, some judicial foreclosures are sometimes filed in US federal courts.

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Foreclosure Specialist | HP Real Estate, Inc.