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- A judicial sale occurs when a court orders the auction or sale of a piece of real estate for a certain price. When the property is sold, the new owner takes over its title. Ordinarily, the proceeds from the sale go to pay off the balance on an outstanding debt, such as a mortgage, court judgment, or unpaid taxes.
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May 16, 2024 · A judicial sale occurs when a court orders the auction or sale of a piece of real estate for a certain price. When the property is sold, the new owner takes over its title. Ordinarily, the proceeds from the sale go to pay off the balance on an outstanding debt, such as a mortgage, court judgment, or unpaid taxes.
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Jan 1, 2021 · A court ordered sale happens when a home owner defaults on their mortgage payments. After some time, the mortgage lender can appeal to the Courts to force a sale of the property in order to recover any mortgage funds owed. The final offer to be accepted is determined in Court.
- An Unfortunate Circumstance
- Foreclosure Proceedings Begin and The Court Orders A Judicial Sale
- Judicial Sale Due to Divorce
In uncertain economic times, things can go from bad to worse for Albertans who lose their jobs, and they may stop making mortgage payments, and end up losing their home. In such an uncertain ownership situation, who sells the home? Who works for whom? Is a signed seller representation agreement required? Likewise, when a couple divorces and one spo...
In a judicial sale, a property for which a lender provided mortgage funds is in foreclosure and wants it sold to recover their investment. They do not technically own the home but they can still force the sale, which makes such a sale different from a traditional seller client relationship. Plaintiffs and Defendants In a judicial sale, the lender i...
The Dower Act gives a legally married couple equal rights to dispose of the matrimonial home, regardless if only one party is on title. When legally married couples divorce, the Matrimonial Property Act(MPA) comes into play, as divorcing couples may disagree on the division of joint assets, including real property. When couples cannot agree on a di...
People frequently refer to a judicial sale as a foreclosure. There is a key difference. With a judicial sale, the court sells the property. The proceeds of the sale then pay off the loan (or as much of it as possible). The court attempts to secure a sale as close to fair market value as possible.
A judicial sale is a forced sale of property authorized by a court of law in order to satisfy a debt (such as a mortgage in the context of foreclosures).
Judicial foreclosure is a legal proceeding in which a lender initiates a lawsuit against a borrower who has defaulted on their mortgage payments. Unlike non-judicial foreclosure, which does not involve the courts, judicial foreclosure requires the lender to go through the formal legal process.
Aug 9, 2023 · Foreclosure by judicial sale involves the sale of the mortgaged property under the supervision of a court and is available in every state. In fact, it is the required method for foreclosure sale in many states.
