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judicial foreclosure :: legal definition


Judicial foreclosure - n. a judgment by a court in favor of foreclosure of a mortgage or deed of trust, which orders that the real property which secured the debt be sold under foreclosure proceedings to pay the debt. The party suing probably has chosen to seek a judicial foreclosure rather than use the foreclosure provisions of the mortgage or deed of trust. Usually this move is made to get a "deficiency judgment" for any amount still owed after the foreclosure sale. In many states (such as California) a foreclosure on the deed of trust limits the recovery to the amount of sale proceeds (sales price minus other debts), so a lawsuit for judicial foreclosure may help the party recover the total money owed to him/her if it was secured by the debtor's real property.

See also: deed of trust foreclosure mortgage and Related Law Terms ↓


Related Law Terms

abstract of judgment :: n. a written summary of a judgment which states ho ... aying the debt. See also: levy lien
account stated :: n. a statement between a creditor or the person to ... ending on the state. See also: debt
after-acquired property :: n. 1) personal or real property acquired by a debt ... lso: bankruptcy secured transaction
appeal :: 1) v. to ask a higher court to reverse the decisio ... ng, as in "he has filed an appeal."
assume :: v. to take over the liability for a debt on a prom ... he assumption. See also: assumption
attorney-in-fact :: n. someone specifically named by another through a ... cument. See also: power of attorney
bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
chain of title :: n. the succession of title ownership to real prope ... title conveyance foreclosure title
cloud on title (cloud) :: n. an actual or apparent outstanding claim on the ... ion reconveyance title title report
color of title :: n. the appearance of having title to personal or r ... rty based on this "color of title."
commingling :: n. the act of mixing the funds belonging to one pa ... rust accounts for funds of another.
confidential relation :: n. a relationship in which one person has confiden ... remely obvious. See also: fiduciary
consent decree :: n. an order of a judge based upon an agreement, al ... he same. See also: consent judgment
consumer protection laws :: n. almost all states and the federal government ha ... rranty product liability securities
convey :: v. to transfer title (official ownership) to real ... ion conveyance deed grantee grantor
corporation :: n. an organization formed with state governmental ... ation public corporation securities
covenant :: 1) n. a promise in a written contract or a deed of ... o compete deed restrictive covenant
declaratory judgment :: n. a judgment of a court which determines the righ ... ys it. See also: declaratory relief
deed :: 1) n. the written document which transfers title ( ... veyance deed of trust warranty deed
deed of trust :: n. a document which pledges real property to secur ... : foreclosure mortgage reconveyance
deficiency judgment :: n. a judgment for an amount not covered by the val ... o: foreclosure judicial foreclosure
delivery :: n. the actual handing to another of an object, mon ... rties. See also: contract deed sale
due :: n. and adj. owed as of a specific date. A popular ... ecessarily mean that a debt is due.
encumbrance :: (incumbrance)n. a general term for any claim or li ... and must be paid for at some point.
escrow :: 1) n. a form of account held by an "escrow agent" ... w the deal." See also: escrow agent
execution :: n. 1) the act of getting an officer of the court t ... so: death penalty writ of execution
fictitious defendants :: n. when a party suing (plaintiff) is not sure if h ... are not permitted in federal cases.
foreclosure :: n. the system by which a party who has loaned mone ... ced sale mortgage notice of default
foreclosure sale :: n. the actual forced sale of real property at a pu ... dicial sale mortgage sheriff's sale
grant deed :: n. the document which transfers title to real prop ... rant grantee grantor quitclaim deed
guarantee :: 1) v. to pledge or agree to be responsible for ano ... as some defect. See also: guarantor
in kind :: adj. referring to payment, distribution or substit ... . See also: distribution trust will
in lieu :: prep. instead. "In lieu taxes" are use taxes paid ... go through the foreclosure process.
joint and several :: adj. referring to a debt or a judgment for neglige ... ution contributory negligence joint
levy :: 1) v. to seize (take) property upon a writ of exec ... heriff's sale tax writ of execution
lien :: n. any official claim or charge against property o ... ord's lien mechanic's lien mortgage
life estate :: n. the right to use or occupy real property for on ... hter, Sadie, will own the property.
mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed
motion for a summary judgment :: n. a written request for a judgment in the moving ... strict procedures. See also: motion
nominal party :: n. a defendant or a plaintiff included in a lawsui ... ed. See also: necessary party party
notice :: n. 1) information, usually in writing in all legal ... Thirty-day notice three-day notice
offset :: 1) n. also called a "setoff," the deduction by a d ... e also: counterclaim defense setoff
out of court :: adj. referring to actions, including negotiations ... is dismissed. See also: settlement
paid into court :: adj. referring to money deposited with the clerk o ... differences. See also: interpleader
proper party :: n. a person or entity who has an interest (financi ... lf. See also: necessary party party
race to the courthouse :: n. slang for the rule that the first deed, deed of ... e also: deed judgment lien mortgage
real estate investment trust :: n. nicknamed REIT, a real estate investment organi ... its upon sale-if there is a profit.
real party in interest :: n. the person or entity who will benefit from a la ... st is the beneficiary of the trust.
reconveyance :: n. in those states which use deeds of trust as a m ... conveyance. See also: deed of trust
record :: 1) v. (ree-cored) to put a document into the offic ... eeding race to the courthouse trial
redeem :: v. to buy back, as when an owner who had mortgaged ... so: foreclosure mortgage redemption
reformation :: n. the correction or change of an existing documen ... neral partner sues for reformation.
remainder :: n. in real property law, the interest in real prop ... ed reversion title vested remainder
satisfaction of judgment :: n. a document signed by a judgment creditor (the p ... ord. See also: abstract of judgment
several liability :: n. referring to responsibility of one party for th ... n joint and several promissory note
specific performance :: n. the right of a party to a contract to demand th ... artwork. See also: contract prayer
subject to :: adj. referring to the acquisition of title to real ... : assumption deed of trust mortgage
summary adjudication of issues :: n. a court order ruling that certain factual issue ... is made. See also: summary judgment
summary judgment :: n. a court order ruling that no factual issues rem ... tion summary adjudication of issues
title search :: n. the examination of county records for the prope ... e escrow lien title title insurance
toll :: v. 1) to delay, suspend or hold off the effect of ... bridge or take passage on a ferry.
trust deed :: n. another name for a deed of trust, a form of mor ... paid back. See also: deed of trust

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - J

J :: n. abbreviation for Judge, as in the Hon. William ... as in the Hon. William B. Boone, J.
Jane Doe :: n. 1) a fictitious name used for a possible female ... lso: fictitious defendants John Doe
jaywalking :: n. walking across a street outside of marked cross ... jury to the jaywalker by a vehicle.
JD :: n. short for Juris Doctor, identifying the holder ... law degree. See also: Juris Doctor
jeopardy :: n. peril, particularly danger of being charged wit ... ar Evers. See also: double jeopardy
jobber :: n. a merchant who buys products (usually in bulk o ... buys and acts for specific clients.
John Doe :: n. 1) a fictitious name used for a possible male d ... lso: fictitious defendants Jane Doe
joinder :: n. the joining together of several lawsuits or sev ... er misjoinder multiplicity of suits
joinder of issue :: n. that point in a lawsuit when the defendant has ... matters are to be decided by trial.
joint :: adj., adv. referring to property, rights or obliga ... ncy joint venture tenancy in common
joint adventure :: n. when two or more people go together on a trip o ... e activity. See also: joint venture
joint and several :: adj. referring to a debt or a judgment for neglige ... ution contributory negligence joint
joint custody :: n. in divorce actions, a decision by the court (of ... em. See also: child custody divorce
joint enterprise :: n. a generic term for an activity of two or more p ... liability joint venture partnership
joint liability :: n. when two or more persons are both responsible f ... See also: joinder joint and several
joint powers agreement :: n. a contract between a city, a county and/or a sp ... istrict or other government entity.
joint tenancy :: n. a crucial relationship in the ownership of real ... ty property tenancy in common title
joint tortfeasors :: n. two or more persons whose negligence in a singl ... : comparative negligence negligence
joint venture :: n. an enterprise entered into by two or more peopl ... s terminated. See also: partnership
Jones Act :: n., adj. a federal law which covers injuries to cr ... ." See also: admiralty maritime law