Judicial Foreclosure

A judgment that order real property that is secured by debt to be sold under foreclosure proceedings in order to pay a debt from mortgage or deed of trust. Judicial foreclosures occur because the party suing chose that route for remedy rather than pursuing the mortgage or deed of trust's foreclosure provisions. Parties will usually seek judicial foreclosures to receive a deficiency judgment for any money that is owed after the foreclosure sale. A lawsuit for judicial foreclosure may assist the party in recovering the total amount due if it was secured by the debtor's real property because many states limit the recovery amount of sale proceeds in foreclosures on the deed of trust.

Foreclosure Sale

A sale of property upon default of a mortgage to satisfy the debt

Deficiency judgment

A judgment in favour of a creditor for the balance of a debt that is not satisfied in full by the security; especially when such a judgment following the foreclosure of a mortgage