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Define Non-Judicial Foreclosure in Real Estate

Non-Judicial Foreclosure: 

"Non-judicial foreclosure" is when a property is sold by the lender without having to go through a court process. This can happen if there's a "power of sale" clause in the mortgage or trust deed document, which gives the lender the right to sell the property if the borrower defaults on the loan.

Example: 

For example, let's say someone takes out a mortgage to buy a house, but they stop making their payments. If there's a "power of sale" clause in the mortgage agreement, the lender can sell the house without having to go to court first.

"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"

Non-judicial foreclosure, oh my!
It's when a house is sold without a court to try.
If there's a "power of sale" clause in the buy,
The lender can sell the house, oh my, oh my!

It's a way to force a sale, it's true,
When the borrower's payments are overdue.
No court process needed to pursue,
And the lender can sell the house to someone new!

So if you're buying a house, take care,
And make your payments, so you don't have to bear,
A non-judicial foreclosure that's rare,
But could happen if you're not aware!