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Judicial foreclosure is a legal process in which a lender takes possession of a property and sells it to pay off a defaulted mortgage or loan. It involves a court proceeding and a public sale of the property.
For example, if a homeowner stops making their mortgage payments, the lender may file a foreclosure suit against them. If the court approves the suit, the lender can then take possession of the property and sell it to pay off the debt.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
Judicial foreclosure, it's a court proceeding,
When a lender sues, because of a missed feeding.
It involves notices, debt acceleration,
And the termination of the owner's relation.
The property is sold, at a public sale,
To pay off the debt, it's not a fairy tale.
So, if you're a homeowner, please take heed,
To avoid this process, pay attention to your deed.