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The judicial foreclosure sale (sheriff sale) Non-judicial foreclosure sale (trustee sale) Furthermore, the other security devices that may be used in creating a real estate lien to secure the debt that contains the provision of the power of sale are: The contract of the land sale; The lease option sale; The UCC-1 statement of financing
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Nevertheless, in an illiquid real estate market or if real estate prices drop, the property being foreclosed could be sold for less than the remaining balance on the primary mortgage loan, and there may be no insurance to cover the loss. In this case, the court overseeing the foreclosure process may enter a deficiency judgment against the ...
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[6] [13] At foreclosure, the house was put up for auction, though failed to attract its minimum bid. It was relisted in July 2020 without a minimum. [9] The Henry family then purchased the house for $873,400. The new owners estimated a repair at at least the cost of sale, and hired an architect and a designer to restore it. [6]
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