Foreclosure

===Nonjudicial===
''Foreclosure by power of sale,'' also called ''nonjudicial foreclosure'', and is authorized by many states if a ''power of sale'' clause is included in the mortgage or if a [[Trust deed (real estate)|deed of trust]] with such a clause was used, instead of an actual mortgage. In some US states, like [[California]] and [[Texas]], nearly all so-called mortgages are actually deeds of trust. This process involves the sale of the property by the mortgage holder without court supervision (as elaborated upon below). This process is generally much faster and cheaper 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.
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