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Foreclosure by Judicial Sale

Foreclosure by judicial sale occurs when the mortgaged property is sold in order to compensate for the loss of late and unpaid payments by the homeowner. The property is usually sold under a supervised court order. Upon sale of the property, the 1st mortgage is paid off first, followed by the additional lien holders. The mortgagor receives what is left from the remaining proceeds of the mortgage. The judicial sale process requires that all parties involved in the ownership and mortgage of the property are openly included in all parts of the court case in order to insure that everyone is treated fairly and receives the money that they are owed.

The procedure for a judicial sale can vary by state, and sometimes different states have certain procedures that they must follow when closing a foreclosure by judicial sale. Generally, a judicial sale calls for a court appointed official to conduct the actual sale of the foreclosed property. The process takes place in an auction, where the mortgage holder can bid for the mortgaged property. If the sale of the property is substantially lower than the amount owed on the mortgage, the lender may pursue a deficiency judgment against the borrower.

In a Foreclosure by judicial sale, there are certain parties that are required to be a part of the process. “Necessary” parties are composed of the people who had any connection to the property and the mortgage, such as the mortgage holder. “Proper” parties are sometimes helpful in being included in a judicial sale, but are not required for the sale to take place. They are usually parties that were interested in the property before the foreclosure took place, and could be helpful to provide more information about the foreclosure and sale.