Foreclosure

===Judicial===
''Foreclosure by judicial sale,'' commonly called ''judicial foreclosure'', involves the sale of the mortgaged property under the supervision of a court. The proceeds go first to satisfy the mortgage, then other lien holders, and finally the mortgagor/borrower if any proceeds are left. Judicial foreclosure is available in every US state and required in many (Florida requires judicial foreclosure). The lender initiates judicial foreclosure by filing a [[lawsuit]] against the borrower. As with all other legal actions, all parties must be notified of the foreclosure, but notification requirements vary significantly from state to state in the US. A judicial decision is announced after the exchange of pleadings at a (usually short) hearing in a state or local court in the US. In some rather rare instances, foreclosures are filed in US federal courts.

A [[judicial officer]] supervises the sale and executes the legal papers and deed if any. This may be done by a [[superior court]] judge or a referee specially appointed by a court of judicial privacy.