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What Is A Judicial Sale?


A judicial sale is the way that homes are sold after a foreclosure to recover the monies owed on the mortgage. This is done by the mortgage company foreclosing on a homeowner that cannot pay their mortgage payments. The foreclosed home is then sold at auction to satisfy all lien holders as well as the bank or mortgage company that has the original loan on the home. The original loan company, bank, or other lender has to carefully search for all liens against the property to ensure that all parties receive the money due them for liens against the property. Hiring a skilled real estate attorney will be greatly beneficial when dealing with a judicial sale.

In the majority of cases, the property will be sold at a sheriff’s sale. After the home is sold at auction and all other liens are satisfied, the remaining money will be for the original lending company. If the property did not sell for the amount of the remainder of the loan, the mortgage holder may bring a deficiency judgment against the homeowner that was in possession of the property at the time of the foreclosure to make up the difference.

If an individual buys the home and the lending company did not research carefully and excluded a company with a lien on the property, the individual that purchased the property will be responsibility for the payment of the lien.

All states have their own laws governing foreclosures and the way in which the judicial sale will proceed. To learn your rights you should contact a local foreclosure attorney with experience with foreclosures to ensure your rights are not violated.

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