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It is a crude fact of life that one person's misfortune is another's good luck and perhaps nowhere is this more apparent than in real estate. Foreclosed properties would not exist unless their owners were having problems. If the borrower fails to abide by any of the terms of the mortgage, the lending institution may bring foreclosure action. By law all foreclosed properties have to be advertised and go to auction, so information on them is easy to find. Lenders will try to work out another option for payments by the debtor since they prefer not to foreclose. Failure of the owner to obtain a sale will result in the need for the lender to foreclose. At this point the lender may pursue two courses of action: foreclosure by judicial or non-judicial proceedings. Judicial Foreclosure A judicial foreclosure is a court action to cut out the right of redemption the debtor has in the property. The courts give the mortgagor a statutory period within which to redeem the property and a failure to do so results in losing the property. Once the foreclosure by judicial sale takes place,.