Default can be of two types: debt services default and technical default. Debt service default occurs when the borrower has not made a scheduled payment of interest or principal. Technical default happens when an affirmative or a negative covenant is violated.
http://en.wikipedia.org/wiki/Default_(finance)
Foreclosure by judicial sale, more commonly known as Judicial Foreclosure... involves the sale of the mortgaged property under the supervision of a court, with the proceeds going first to satisfy the mortgage
http://en.wikipedia.org/wiki/Foreclosure
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