Judicial Foreclosure Legal Meaning and Definition

Here is a simplified definition of the legal term Judicial Foreclosure.

Judicial Foreclosure (noun)

A legal process where a lender (the one who lent the money) goes to court to get the right to sell a borrower's property. This happens when the borrower (the one who borrowed the money) cannot repay the loan they used their property to secure. The money from the property sale is then used to pay back the lender their loaned amount and any interest owed.