What action must the lender take when a notice of reinstatement occurs?
The lender must dismiss the suit and continue the mortgage.
Which type of foreclosure involves a court-ordered transfer of the mortgaged property to the lender?
Strict
All of the following are common consequences suffered by a mortgagor in a foreclosure procedure EXCEPT
the borrower is not allowed to apply for another mortgage for the rest of his or her life.
Which of the following is NOT one of the means of enforcing a lien against real estate?
Direct takeover
In what type of foreclosure is the lender required to file suit asking a court to order the borrower to pay the mortgage debt by a certain date or the lender will automatically gain full title to the property?
Strict
Which statement about a deed in lieu of foreclosure is TRUE?
It avoids public notice of the foreclosure.
Ronald defaulted on his home mortgage payments. The lender obtained a court order to foreclose on the property. At the foreclosure sale, Ronald's house sold for $29,000 and the unpaid balance of his loan is $40,000. What must the lender do to recover the
Seek a deficiency judgment.
The first step in a judicial foreclosure is
acceleration of the loan.
What is provision is required in a mortgage to allow a non-judicial foreclosure to force a sale without a foreclosure suit?
A power of sale clause.
A property is secured by a mortgage that does not contain a "power of sale" clause. To foreclose, the lien holder will have to
file a foreclosure suit.
One reason a deed in lieu of foreclosure is attractive to some borrowers is that it
minimizes the damage to the borrower's credit.
Which of the following statements best defines equitable right of redemption?
The legal right of a borrower to redeem property between the time of default and the foreclosure sale.
A strict foreclosure begins with
proper notice to the delinquent borrower.
The period of delinquency allowed before a lender begins foreclosure proceedings is determined by
the lender.
When a lender is required to foreclose on a deed of trust, the lender does not have to go through the courts to foreclose if the deed of trust contains a power of sale clause. This kind of foreclosure is known as
...
Which type of foreclosure involves sale of the mortgaged property under court supervision?
Judicial