Save
Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't know
Remaining cards (0)
Know
0:00
share
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

RE Ch 6 Q&A

Real Estate Q&As for Chapter 6

QuestionAnswer
What are the three types for foreclosure processes to enforce mortgage liens? Judicial, non-judicial, strict
What does a foreclosure suit as the court to do? terminate the defendant's interests in the property, order the property sold publicly to the highest bidder, and order the proceeds applied to the debt
What happens to a foreclosure if reinstatement occurs? The lender must dismiss the suit and the mortgage continues in effect as if it had not been undertaken.
What basically happens in a foreclosure? Lienors force a property owner to give up title. This may involve either the lienors' forcing the owner to sell and pay off the creditors, or taking title directly.
What are the basic differences between the three types of foreclosure? Judicial foreclosure: sale under court supervision; Non-judicial foreclosure: sale without court supervision; Strict foreclosure: no sale; immediate transfer to lienholder.
What happens during a judicial/sheriff's sale? all parties are notified in writing of the sale; the sale is advertised in a newspaper with general circulation; the property is sold to the highest bidder
What does the winning bidder of a judicial sale receive? A certificate of sale, not a deed. The person holding the certificate will receive a sheriff's deed only after the sale has been confirmed.
What is the order of payment in a foreclosure? 1. the cost of the sale 2. any special assessment taxes and general (or ad valorem) taxes 3. the FIRST mortgage 4. whatever is recorded next. 5. Any remaining money goes to the borrower
What is the purpose of a deficiency judgment? It enables a lienor to attach the personal and real property of a lienee when the foreclosure sale has not produced enough funds to pay what the lienor is owed.
What is the procedure for a strict foreclosure? 1. the lender must give appropriate notice to the delinquent borrower 2. the lender prepares and records the paperwork3. After a prescribed period, the lender files suit in court 4. The court orders the borrower to pay the mortgage debt by a certain date.
What happens if the debt is not paid in full by the deadline in a strict foreclosure? the court orders transfer of full legal title to the lender, and the lender gains title with no obligation to sell the property
What are other avoidance options? refinancing, loan workout, bankruptcy
What are Kentucky's foreclosure laws? lien theory state; lenders go to court for a judicial foreclosure; KY does have a restricted statutory right of redemption; deficiency judgements are legal
What power does a lender have if a mortgagor defaults in a state that allows non-judicial foreclosure and the mortgage document includes a "power of sale" clause? The lender can give the borrower notice of the default and a chance to cure it, after which the lender may auction the property.
What happens to the title to a foreclosed property in a strict foreclosure? It transfers immediately to the lienholder.
What is the function of a deed in lieu of foreclosure? It avoids foreclosure by transferring legal title to the mortgagee.
Created by: amybeth1105
 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards