Ch. 6 – National Finance Pg. 23 – Unit 2: Quiz

Before foreclosure who has the right to reclaim the property forfeited due to a mortgage default the borrower, under the right of Equitable Redemption.
Which would be first in priority? Special assessments
Ronald defaulted on his home mortgage loan payments; therefore, the lender obtained a court order to foreclose on the property. At the foreclosure sale, Ronald’s house sold for only $29,000 and the unpaid balance of his loan is $40,000. What must the lender do to recover the $11,000 Ronald still owes? Seek a deficiency judgment
If the amount realized at a Sheriff’s sale upon a delinquent mortgage is more than the indebtedness, the excess belongs to the mortgagor.
In a Deed of Trust, the party who holds, “Naked Legal Title” (one without possessory rights), and can claim the property without going through the courts is the trustee.

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