Foreclosures

Question 1

Liquidation of collateral property by judicial, non-judicial, or strict foreclosure

Answer 1

Mortgage Lien Foreclosure

Question 2

Lawsuit and court-ordered public sale; deficiency judgements, redemption rights

Answer 2

Judicial Foreclosure

Question 3

Power of sale, granted to lender; no suit; no deficiency judgement; no redemption period after sale

Answer 3

Non-Judicial Foreclosure

Question 4

Court orders legal transfer of title directly to lender w/o public sale

Answer 4

Strict Foreclosure

Question 5

Defaulted borrower deeds property to lender to avoid foreclosure

Answer 5

Deed in lieu of Foreclosure