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부동산

Real Estate Law 72

2019.05.13 19:44 Views : 87

Check Your Understanding Answers

  1. Define foreclosure.

    A foreclosure is a legal procedure in which the property that is used as security for a debt is sold to satisfy the debt in the event of a default.
     
  2. What three types of foreclosure processes enforce mortgage liens?
    • judicial foreclosure
    • non-judicial foreclosure
    • strict foreclosure
       
  3. Explain when a judicial foreclosure is used and how a lender files a suit.

    Judicial foreclosures occur in states that use a two-party mortgage document (borrower and lender) that does not contain a "power of sale" provision.  

    Without a power of sale provision, a lender must file a foreclosure suit and undertake a court proceeding to enforce the lien. 
     
  4. What is a deficiency judgment?

    Any outstanding debt remaining after foreclosure and sale of a property is known as a deficiency judgment.
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