Judicial foreclosure (also known as “foreclosure by judicial sale”) is the most common type of foreclosure. All 50 states have laws allowing judicial foreclosure, and some even lay out guidelines for when foreclosure is mandatory. If you are facing serious debt and foreclosure is a possibility, it may be very beneficial to understand the basics of the foreclosure process and what it may mean for you.
Understanding Judicial Foreclosure
A judicial foreclosure is one in which the foreclosure process is conducted under the supervision of the courts. The money raised from selling the real estate property is then used to pay down the remaining value of the mortgage. If there are any additional liens on the borrower, additional money is used to pay these off. Finally, if there is any money left over after creditors are paid, it goes to the borrower.
If your home is being foreclosed upon, you are legally owed notification. If you have not been made aware of this, you may consider consulting your case with an experienced foreclosure defense attorney.
If you or someone you love is living with the burden of large debt and is unsure about how to overcome it, the Milwaukee foreclosure defense attorneys of the DeLadurantey Law Office, LLC, may be able to help you. Contact us today by calling 414-377-0518.