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Fi13B Loan Def & For
Fi13B Loan Defaults and Foreclosures
| Question | Answer |
|---|---|
| In delinquent deeds of trust, the time prior to exercising the power of sale in which the errant borrower may bring the loan current. [RP] | reinstatement period |
| ~LEGISLATED REDEPMTION PEIROD allowing borrower time to redeem defaulted property. [SRP] | statutory redemption period |
| Under a land contract, enables a lender to foreclose in as little as 30 days when the defaulting borrower has less than 20% equity. Aka strict foreclosure. [SF] | strict forfeiture |
| In a foreclosure, the DEED given by the TRUSTEE under a deed of trust to the successful bidder at the auction. [TD] | trustee’s deed |
| When persons in default and ILLEGALLY RETAIN possession of property. [UD] | unlawful detainer |
| See deed in lieu of foreclosure. VOLUNTARILY SIGNING OVER to the creditor the property pledged as collateral on a defaulted loan. [VC] | voluntary conveyance |
| The various ways to offset a foreclosure; payment moratoriums, waivers, adjustments. [W] | workouts |
| A deed of trust contains a _____ __ ____ clause, which grants the trustee the authority to foreclose on the property non-judicially if the borrower defaults. [PoSC] | power of sale clause |
| California Civil Code Section 2924 requires a mandatory holding period of at least ___ calendar months after recording the Notice of Default (NOD) before the trustee can publish the Notice of Trustee's Sale (NOTS). [#] | 3 |
| Under CA law, the borrower has the right to reinstate the loan up until ___ business days before the scheduled trustee's sale. [#] | 5 |
| Aka non-judicial foreclosure. [TS] | trustee's sale |
| Under CA Code of Civil Procedure Section 580d, a lender is ________ __________ from seeking a deficiency judgment if they choose to foreclose via a non-judicial trustee's sale. [SP] | strictly prohibited |
| CCP Section 580b ________ judgments on purchase money loans, which includes seller-carryback financing used to buy an owner-occupied 1-to-4 unit residence. [DJ] | deficiency judgments |
| CA law requires the Notice of Trustee's Sale be published, posted, and mailed at least ___ days before the scheduled date of the auction. [#] | 20 |
| In a court-ordered judicial foreclosure, the borrower retains a statutory right of redemption for up to ___ year after the sale (or ___ months if the sale proceeds covered the debt.) [#, #] | 1, 3 |
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