4:Foreclosure and Short sale

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

In a judicial foreclosure state, what clause allows a lender to declare the entire loan balance due immediately because the borrower defaults?

Acceleration clause

If a lender uses a _____ usually foreclosure is nonjudicial

Deed of trust

If the sale of collateral property through foreclosure does not raise enough to cover the entire loan amount, and other costs, the creditor may be able to obtain a _____________ against the property owner creating a lien against all real and personal property

Deficiency judgement

A bank notifies a homeowner that she is delinquent on her mortgage and threatens foreclosure. The homeowner offers to give the property to the bank if the bank will not file foreclosure suit against her. This is known as

Died in Liu of foreclosure - The deed to the property is given by a borrower to the lender to satisfy the debt and avoid foreclosure

The right to redeem the property prior to the sale is called

Equitable right of redemption

In a lien theory state, what foreclosure process generally must be followed? -actual foreclosure -judicial foreclosure -nonjudicial foreclosure -strict foreclosure

Judicial foreclosure

If a lender uses a _____ usually foreclosure is judicial

Mortgage

Nonjudicial foreclosure is authorized by a ______ clause

Power of sale

What type of clause allows the lender to sell the property to pay the debt the borrower owes without going through the courts?

Power of sale clause

In the event of a default, which that is normally paid first from the proceeds of the foreclosure sale?

Real estate taxes and associated costs of the sale

Allowance to redeem the property after the foreclosure sale

Statutory right of redemption

A way for borrowers to cure the default by bringing the mortgage current—including all accumulated costs and fees—between the time they receive a notice of foreclosure and the time a foreclosure action is filed

Statutory right of reinstatement

What is the first step necessary to kick off a judicial foreclosure proceeding?

The lender files a notice of foreclosure

Which sequence of events BEST represents the step in judicial foreclosure? -Foreclosure action, redemption period, notice of foreclosure, sheriff sale, reinstatement period -foreclosure action, notice of foreclosure, reinstatement period, Sheriff sale, redemption period -Notice of foreclosure, foreclosure action, reinstatement period, sheriffs sale, redemption period -notice of foreclosure, reinstatement period, foreclosure action, redemption period, sheriffs sale

notice of foreclosure, reinstatement period, foreclosure action, redemption period, sheriffs sale

Becca owes $145,000 on her mortgage loan and back property taxes of $5400. The bank foreclosed on the property, selling it for $140,000 At sheriff sale. The cost associated with the proceeding were $1200. If the bank wants to recover the balance of what becca owes, it can -garnish Becca's wages -levy becca's Bank account -seek a deficiency judgment against Becca -sue her in District Court

seek a deficiency judgment against Becca


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Chapter 53: Concepts of Care for Patients with Liver Problems

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