In a mortgage, what action is typically required for foreclosure to occur?

In the context of foreclosure, a judicial proceeding is typically required to legally seize and sell the property due to non-payment or default on the mortgage. This process involves the lender filing a lawsuit against the borrower, allowing the court to evaluate the case and determine whether foreclosure is warranted. It establishes a legal framework that ensures the borrower's rights are considered and provides a formal setting for the lender to recover the owed amounts through the sale of the property.

Judicial foreclosure processes also provide an opportunity for the borrower to potentially contest the foreclosure, seek remediation, or negotiate resolutions. This required legal action ensures that the foreclosure follows due process and that all parties involved are treated fairly under the law.

Other actions, such as notifying a tenant, assessing property value, or obtaining approval from the borrower, do not legally fulfill the requirements for initiating a foreclosure. Notification might occur as part of the process but is not a legal prerequisite for foreclosure. Similarly, assessing property value is a step that may happen at various points but is not a formal requirement for the foreclosure action itself. Lastly, approval from the borrower is not feasible in a foreclosure scenario, as it arises due to the borrower's default on the mortgage, which means they have already failed to meet the terms of their agreement.