Property II
Judicial Foreclosure
Judicial foreclosure is where a full judicial proceeding is used to take possession of and effect a public sale of the foreclosed property.
Judicial foreclosure requires joining all person with interests junior to the mortgagee. If one is not joined, his interest will not be terminated.
Process of judicial foreclosure:
- Default
- Notice of default
- Lawsuit filed
- Mortgage accelerated
- Equitable right of redemption
- Judgment of foreclosure & sale of property ordered
- Statutory right of redemption
- Sale of property
- Possible statutory right of redemption
- Debt repaid