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.
Nonjudicial foreclosure is a process used in certain states that allows lenders to sell a property directly without court involvement. This method is typically faster and less expensive.
A procedural step requiring mortgage lenders to publicize their intention to foreclose on a property due to a borrower's default. This notice is meant to inform the public and the property owner of the impending foreclosure action.
Tax foreclosure is the process of enforcing a lien against property for nonpayment of delinquent property taxes. Taxing authorities hold a superior lien against all taxable property to enforce the payment of their taxes.
