Foreclosure is the legal process that allows the lendor to recover the money owed on a loan defaulted by the home buyer. Foreclosure is in effect, "repossession" of the property that's securing the loan.
Judicial Foreclosure / Foreclosure by Judicial Sale
Requires the sale of mortgage property under the supervision of the court with the proceeds going first to satisfy the mortgage, then lienholders, then home owners if there is any monies left.
Foreclosure by Power of Sale
Foreclosure by Power of Sale
Allowed by many states if a "Power of Sale" clause is included in the mortgage. This process involves the sale of the property by the mortgage holder without court supervision. It is generally more expedient than foreclosure by judicial sale. As in judicial sale, the mortgage holder and other lien holders are respectively first and second claimants to the proceeds from the sale.
Dallas Foreclosures
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