In a judicial foreclosure, the lender files a lawsuit agaist the borrower to get the property. Like any other lawsuit, it begins with the serving of a summons and complaint upon the borrower. Along with any other parties with junior liens or encumbtances against the property. If the borrower responds, the court holds a hearing and rules that either the borrower has presented a legitimate issue and alternate payment terms are arranged or the lender is permitted to foreclose.
Posted on: Fri, 04/30/2010 - 16:45