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- 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. The title to the property never transfers to the lender.
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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.
Distinguishing between a judicial sale and a foreclosure is crucial, as the legal implications differ significantly. In a specific example, in a judicial sale, the court oversees the process but does not necessarily transfer the title to the lender.
Dec 10, 2020 · A “Judicial Sale” is when the property is sold at a declared price by Order of the Court and this usually results in some part of the mortgage debt remaining unpaid and the borrower remains liable to pay this remaining debt.
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Aug 24, 2023 · A judicial listing order, also known as judicial sale, is a potential remedy from a foreclosure action 2 where the Court will supervise the sale of property to allow the lender to transfer the mortgaged property to a third-party purchaser regardless of the borrower’s objections 3.
Sep 5, 2024 · A judicial foreclosure allows lenders to seek a power of sale through the courts when a borrower defaults on their mortgage. Once they have it, lenders can sell the property to pay off the...
Aug 13, 2024 · The main difference between a foreclosure and a power of sale comes down to ownership. In a foreclosure, the lender takes over possession of the home and tries to sell it to cover the loan balance. This involves the court system, which is why the process can take so long to complete.
The key difference between these two options is that foreclosure requires the use of the court system, while the power of sale does not. As a result, power of sale is typically a much faster process, often completed within a few short weeks.
