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Foreclosure Glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
judicial foreclosureA civil lawsuit that asks the court to foreclose the borrower. In the lawsuit, the lender identifies the debt and the mortgage securing it, and states that it is in default. The lender then asks the court for a judgment directing that (1) the defendants’ interests in the property be cut off in order to return the condition of title to what it was when the loan was made; (2) the property to be sold at public auction; and (3) the lender’s claim to be paid from the sale proceeds. (See “nonjudicial foreclosure.”)
junior liensLiens or claims against a property that are secondary or inferior to the lien of the first mortgage, e.g., a second mortgage.