In what type of foreclosure is the lender required to file suit asking a court to order the borrower to pay the mortgage debt by

Question

3 years ago

11

In what type of foreclosure is the lender required to file suit asking a court to order the borrower to pay the mortgage debt by

a certain date or the lender will automatically gain full title to the property?
a. Standard
b. Judicial
c. Strict
d. Non-judicial

Social Studies

1 answer:

PIT_PIT [208] · Answer 1 · 2021-12-25T18:15:56+03:00

Answer: Judicial foreclosure

Explanation: Judicial foreclosure can also be called foreclosure by judicial sale. Judicial foreclosure involves the supervision of a court in the process of selling a mortgaged property.

In this scenario, the lender embark on a judicial foreclosure by filing a lawsuit to a court against the borrower to pay a mortgage debt for certain period of time or the lender take over the property.

Then, all parties involved are notified by the court for the foreclosure, albeit requirements for notification varies from state to state.