statutory foreclosure

statutory foreclosure definition - business

statutory foreclosure

A foreclosure without the need for judicial action. Statutory foreclosures are more expedient and less costly for a lender than judicial foreclosures. Many states allow the sale of property by a mortgage holder without supervision of the court. Compare judicial 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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