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. ( See judicial foreclosure , strict foreclosure)
Power to sell property at foreclosure without court procedure. This foreclosure proceeding can be used by a trustee named in a deed of trust.
The power to foreclose on a property without court approval.