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"Non-judicial foreclosure" is when a property is sold by the lender without having to go through a court process. This can happen if there's a "power of sale" clause in the mortgage or trust deed document, which gives the lender the right to sell the property if the borrower defaults on the loan.
For example, let's say someone takes out a mortgage to buy a house, but they stop making their payments. If there's a "power of sale" clause in the mortgage agreement, the lender can sell the house without having to go to court first.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
Non-judicial foreclosure, oh my!
It's when a house is sold without a court to try.
If there's a "power of sale" clause in the buy,
The lender can sell the house, oh my, oh my!
It's a way to force a sale, it's true,
When the borrower's payments are overdue.
No court process needed to pursue,
And the lender can sell the house to someone new!
So if you're buying a house, take care,
And make your payments, so you don't have to bear,
A non-judicial foreclosure that's rare,
But could happen if you're not aware!