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CocoRE
Mortgage and Deed Of Trust Foreclosures
| Question | Answer |
|---|---|
| Trustor | Borrower |
| Beneficiary | Lender |
| Trustee | 3rd party of Deed of Trust who holds Bare Naked Tttle Power of Sale |
| Mortgagor | Borrower |
| Mortgagee | Lender |
| Mortgage Foreclosure | Lis Pendens Acceleration of Debt Clause Sheriff Sale 45 6 mo Rt of Redemption Sheriff Deed 30 |
| Right of Redemption | after sale 6 months |
| Equity of Redemption | Before sale in foreclosure |
| Deed of Trust Foreclosure | Ben tells Trustee Power of Sale Guaranty Report Notice of Default sent to all Acceleration Clause 90 d Right of Reinstatement Public Notice 4 wks Credit bid, 10 k Sale and Bidding and pay nxt dy in full Trustees Deed 7 5 d to vacate |
| Az Anti-Deficiency State | < 2.5 acres and single, duo family dwelling Owner Builder rents or lives in, or unfinished home |
| Died in Lieu | Lender gets all the debt, liens, encumbrances |
| Died in Lieu w Estoppel Certificate | Borrow agrees and willing, no duress Borrower certifies all liens, etc on property |
| Purchase Money Mortgage | Mortgage or DOT Seller has two ways: Seller fiancee with note 3rd party also loans, but both S and B are at risk |
| Defease | forfeit, |
| Defease of Land, Agreement of Sale | set by equity of borrower in land: <20% = 30 days <30% = 60 days <50% = 120 days >50 = 270 days, 9 months |
| Chapter 7 | All debt forgiven |
| Chapter 11 | Business debt |
| Chapter 13 | personal and must repay, restructured |
| Bankruptcy | by Federal takes precedence and stalls a foreclosure until Fed court decides |
Created by:
coco clark