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Judicial Foreclosure
A judicial foreclosure is a court-led effort to allow the mortgage lender to reclaim the mortgaged property. In some states, the mortgage itself does not allow for the ability of the lender to take the property on its own. Lenders must go through the court system to begin a foreclosure though it is usually a mere formality. Texas is the largest state with this sort of foreclosure system. Judicial foreclosure provides more rights and protections for homeowners. In states with this sort of system, there is judicial oversight to ensure that the mortgage sale is legitimate. The process is designed to ensure that lenders are not able to throw people out of their homes quickly and without due process. Likewise, judicial foreclosure delays the process, adding in more checks and balances for mortgage lenders that might otherwise foreclose in a hasty and irresponsible manner.