Definitions for "Non-judicial foreclosure"
The process of selling real property under a power of sale in a mortgage or deed of trust that is in default. One disadvantage is that the lender cannot obtain a deficiency judgment. Also, some title insurance companies are reluctant to issue a policy unless a court has judicially foreclosed the mortgagor's interest.
A foreclosure which does not involve filing an action in a state court. A typical procedure involves notice to the interested parties (either by personal service or an alternate method such as publication )and sale of the property. The Court provides no overview of the process unless petitioned by the Mortgagor. However1 the process varies from state to state and is sometimes combined with a judicial foreclosure process. (see related definition)
A non-judicial foreclosure is one that can occur without court approval.
Keywords:  lien, subject, procedure, selling, real
a procedure for selling real property that is subject to a lien, mortgage or other security interest