A-5 Foreclosure, Carryback Documents, And Financing Flashcards
Foreclosing on a trust deed:
Default, beneficiaries notice to trustee, power of sale, trustees notice of beneficiary election to sell, 90 day reinstatement period.
Deficiency judgments are permitted in trustee sales only when:
More than 2 1/2 acres – more than a duplex
Purchase money mortgage
Usually fills a gap existing between the down payment and new first mortgage or assumed mortgage
In a trust deed the trustor is the:
trustor is the buyer trustee is the 3rd party
And then agreement for sale the buyer gets possession and:
Equitable title
A type of mutual fund doing mostly and short-term debt obligations such as treasury bills, certificates of deposit, and commercial papers.
Money markets
The minimum interest rate charged by commercial banks for loans to its strongest clients
Prime rate
Interest rates as they pertain to the law
Statutory rates
Charging interest in excess of what the law allows
Usury
The truth in lending act put into effect in 1969 was implemented by
Regulation Z
Truth in lending would apply when you
Refinance or reuse your property as collateral such as a home equity loan
This was an acted in 1974 to ensure that sellers and buyers in a real estate transaction have full knowledge of all settlement costs
RESPA Real estate settlement procedures act
A real estate financing device which does not transfer legal title but does place equitable title with the buyer is called:
Agreement for sale
The traditional process waiting to foreclosure for a mortgage
Default, notice of acceleration, court foreclosure action, equitable period of redemption, sheriffs foreclosure sale, statutory period of redemption, sheriffs deed.
