Real Estate Law 73

admin 2019.05.13 19:57 Views : 218

Check Your Understanding Answers

  1. What does a "power of sale" provision in a deed of trust or mortgage allow a lender to do?
     

The provision enables the mortgagee to order a public sale without court decree, which is called a non-judicial foreclosure.
 

  1. Describe a Notice of Default.
     

A Notice of Default is a letter from a lender to a borrower requesting the payment of past due amounts. The borrower has ninety (90) days to pay the past due amounts or foreclosure proceedings will begin.
 

  1. In a non-judicial foreclosure sale, the new purchaser will receive a trustee's deed to the property. But what potential problem exists?
     

There is no guarantee that the title is clear. There may be some outstanding liens still in effect, such as a federal tax lien, real property taxes or assessments, or a valid mechanic’s lien. 
 

  1. What is the main problem with a strict foreclosure? 

    There is no clearly established value for the property because there is no public auction. As a result, the lender's losses cannot be established.
No. Subject Author Date Views
302 Quiz 12 admin 2019.05.15 13581
301 Real Estate Law 85 admin 2019.05.15 231
300 Real Estate Law 84 admin 2019.05.15 240
299 Real Estate Law 83 admin 2019.05.15 321
298 Real Estate Law 82 admin 2019.05.15 189
297 Real Estate Law 81 admin 2019.05.15 232
296 Real Estate Law 80 admin 2019.05.15 229
295 Real Estate Law 79 admin 2019.05.14 218
294 Real Estate Law 78 admin 2019.05.14 246
293 Quiz 11 admin 2019.05.13 11018
292 Review Chapter 11 admin 2019.05.13 14154
291 Real Estate Law 77 admin 2019.05.13 236
290 Real Estate Law 76 admin 2019.05.13 215
289 Real Estate Law 75 admin 2019.05.13 225
288 Real Estate Law 74 admin 2019.05.13 226
» Real Estate Law 73 admin 2019.05.13 218
286 Real Estate Law 72 admin 2019.05.13 196
285 Real Estate Law 71 admin 2019.05.13 217
284 Real Estate Law 70 admin 2019.05.13 217
283 Real Estate Law 69 admin 2019.05.13 247