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CocoRE

Mortgage and Deed Of Trust Foreclosures

QuestionAnswer
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