Foreclosure

===Strict and judicial===
In the [[United States]], there are two types of foreclosure in most states described by [[common law]]. Using a "[[deed in lieu of foreclosure]]," or "[[strict foreclosure]]", the noteholder claims the [[title (property)|title]] and possession of the property back in full satisfaction of a debt, usually on contract.

In the proceeding simply known as foreclosure (or, perhaps, distinguished as "judicial foreclosure"), the lender must sue the defaulting borrower in state court. Upon final judgment (usually [[summary judgment]]) in the lender's favor, the property is subject to [[auction]] by the county [[sheriff]] or some other officer of the court. Many states require this sort of proceeding in some or all cases of foreclosure to protect any [[ownership equity|equity]] the debtor may have in the property, in case the value of the debt being foreclosed on is substantially less than the market value of the real property; this also discourages a strategic foreclosure by a lender who wants to obtain the property. In this foreclosure, the sheriff then issues a deed to the winning bidder at auction. Banks and other institutional lenders may bid in the amount of the owed debt at the sale but there are a number of other factors that may influence the bid, and if no other buyers step forward the lender receives title to the real property in return.
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