judicial foreclosure

judicial foreclosure definition - business

judicial foreclosure

A court judgment that orders the sale of real property to satisfy the terms of a loan. A creditor generally pursues a judicial foreclosure in order to obtain a deficiency judgment for any amounts that may be owed following sale of the asset. Compare statutory foreclosure.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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