DISTINCTION BETWEEN JUDICIAL AND EXTRA-JUDICIAL FORECLOSURE

JUDICIAL FORECLOSURE EXTRA-JUDICIAL FORECLOSURE

Complaint is filed with the court No complaint is filed

No right of redemption except when the mortgagee is There is right of redemption, within 1 year from registration of sale
A banking institution
Equity of redemption only ( 90 to 120 days, which starts anytime
before the confirmation of sale)

Mortgagee can move for deficiency judgment in the same action Mortgagee has to file a separate action for any deficiency

Buyer at public auction becomes absolute owner only Buyer at public auction becomes absolute owner only after finality
of an action for consolidation of ownership
after confirmation of sale

Mortgagee need not be given special power of attorney Mortgagee is given a special power of attorney in the mortgage
Contract to foreclose the mortgage property in case of default