A judgment lien is a court-ordered claim upon a debtor's property, established to satisfy a debt ruled upon in a court of law. This lien ensures the creditor's right to a debtor's asset in case of non-payment.
Judicial foreclosure is a legal process in which a defaulted debtor’s property is sold under the supervision and ratification of a court, often resulting in a deficiency judgment against the debtor if the sale price does not cover the owed amount.
A repayment plan is an agreement between a lender and a delinquent borrower in which the borrower agrees to make additional payments to pay down past due amounts while continuing to make regular scheduled payments.
