Default and remedies
Judicial foreclosure
Foreclosure through a court proceeding ending in a court-ordered sale
The lender sues, the court confirms the default and the amount owed, and the property is sold under the court’s supervision. It is slower and more expensive than the alternative, and it is the norm in lien theory states.
How the exam asks about it
A deficiency judgment is generally available here, because a court is already involved and can enter one.
Related terms
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