Quiz 10

Under an FHA loan, default occurs after ...........of non-payment by the borrower?

2 months

The mortgagor is the?

Borrower

A non-judicial foreclosure may be used on a?

Deed of Trust

If a property is sold at a foreclosure auction for an amount less than the amount of outstanding debt on the property, the lender may file for a?

Deficiency Judgment

Which of the following is a governmental loan modification program?

HAMP

A lien created by statute which exists against real property in favor of persons who have performed work or furnished materials for the improvement of the real property is known as a?

Mechanic's lien

A forbearance on a note is known as a?

Moratorium

In a ..............., the court establishes a specific date for the defaulted amount to be paid?

Strict foreclosure

Which of the following liens takes the highest priority over other liens?

Tax lien

A deed in lieu of foreclosure is an example of a?

Voluntary conveyance of deed