What is judicial foreclosure?

Judicial foreclosure is a process that occurs when a borrower fails to make payments on a mortgage loan. In Washington, it is a court-supervised process that allows a lender to collect the debt owed. In the judicial foreclosure process, the lender files a lawsuit in court against the borrower. The goal of this lawsuit is to obtain a court judgment that the borrower is legally obligated to pay the amount due on the loan. Once the court hears the case, the court will enter a judgment for the lender in the amount owed. Once the judgment is made, the lender has the right to go through the foreclosure process. During this process, the lender will publish a notice of sale in a local newspaper to let people know that the property is being sold. This notice will include the date, time, and location of the sale. On the day of the sale, the lender will be able to sell the property at a public auction. The court proceeds from the sale will be used to pay off the loan balance. If the sale proceeds are not enough to cover the amount due on the loan, the lender can bring a lawsuit against the borrower to try and collect the remaining balance. Judicial foreclosure is one of the two main types of foreclosure. It is used when the borrower does not make payments on the loan. It is a lengthy process and can be costly for both parties involved.

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What is judicial foreclosure?

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