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  • Topic: Foreclosure Law

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    • September 6, 2012 12:25 PM PDT
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      Foreclosure by judicial sale, is available in every state, and is the process of selling the mortgaged property under a court's supervision. The proceeds go to pay off the mortgage and other liens, then if any remainder is left, it will go to the borrower of the original mortgage.

      Foreclosure by power of sale, is available to those with a clause in their mortgage contract stating the lender of the mortgage can sell the property without the court's supervision. Like in a judicial sale, the proceeds go to pay off the mortgage and other liens, then if any remainder is left, it will go to the borrower of the original mortgage.

      Whether you're being foreclosed or buying foreclosure property, a lawyer handling a foreclosure is of great importance.

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