MLchartDataset catalogue

Nonjudicial foreclosure

Term · Law · MLC-T-LAW-003447

A process for foreclosing on a mortgage or deed of trust without court intervention, permitted in some states when the loan agreement includes a power-of-sale clause. The lender follows specific statutory procedures, such as providing notice to the borrower and conducting a public sale of the property. This method is generally faster and less expensive than judicial foreclosure.

Table 1. Record
IdentifierMLC-T-LAW-003447
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-003447",
  "term": "Nonjudicial foreclosure",
  "field": "Law",
  "definition": "A process for foreclosing on a mortgage or deed of trust without court intervention, permitted in some states when the loan agreement includes a power-of-sale clause. The lender follows specific statutory procedures, such as providing notice to the borrower and conducting a public sale of the property. This method is generally faster and less expensive than judicial foreclosure.",
  "url": "https://mlchart.com/terminology/law/nonjudicial-foreclosure/"
}

Record 3,434 of 5,445 in Law terminology (MLC-0107). Request the full dataset.