Ownership - Foreclosure

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