If a mortgage or lien is in default, that is, if there is failure to pay, a bank or secured creditor has the right to Foreclosure because the borrower/lender agreement has been broken. During Foreclosure, the bank or creditor takes possession of a parcel of real property with the right to sell it in order to pay off the mortgage. The most important type of Foreclosure is by judicial sale. This usually involves a short trial followed by a sale of the mortgaged property, under the supervision of the court. A faster method is Foreclosure by power of sale, which is available in most states and does not involve court control. In both cases, the proceeds of the sale first go to pay the mortgage holder, then other lien holders, and lastly, the mortgagor.