Judicial Foreclosure, also known as Judicial Sale, is a court-supervised process where a defaulted debtor's property is sold, typically to repay a mortgage lender after a borrower fails to meet their payment obligations.
A Mortgage Broker is an intermediary who brings mortgage borrowers and mortgage lenders together but does not use their own funds to originate mortgages. A mortgage broker helps potential borrowers find a lender with the best terms and rates to meet their financial needs. In return for this service, the mortgage broker receives a commission which can be paid by either the borrower, the lender, or both.
A Mortgage Correspondent is an entity or individual who services loans for a fee and plays an intermediary role between borrowers and lenders. This entity may also include underwriting and originating loans.
