What legal action allows for the future sale of foreclosed property?

The legal action that allows for the future sale of foreclosed property is a deficiency judgment. When a property is foreclosed, the lender may not recover the full amount owed on the mortgage through the sale of the property. In cases where the sale proceeds do not cover the outstanding debt, the lender can seek a deficiency judgment against the borrower for the remaining balance.

This judgment serves as a formal recognition of the borrower’s obligation to pay the remaining amount and can lead to further collection actions, including garnishment of wages or bank accounts, allowing the lender to recoup some of their losses. Additionally, the existence of a deficiency judgment may impact the borrower's ability to secure new loans or credit in the future.

The other options—onerous contract, title transfer, and property lease—do not specifically pertain to the legal mechanism that directly allows for the future sale of the foreclosed property after a deficiency remains. An onerous contract does not directly lead to future sales, a title transfer typically signifies a change of ownership rather than a collateral claim, and a property lease does not equate to a future sale of foreclosed properties.