Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
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