AZ Real Estate - Foreclosure A5 Flashcards
Redemption period on deed of trust after trustee sale?
Does not exist
Who authorizes use of Power of Sale in deed of trust?
Beneficiary
Trustee under deed of trust not involved in
Collecting monthly loan payments. Trustee holds legal title
Finance charges, fees, interest disclosure required by
Reg z Truth in lending
Lender has __ days to give good faith estimate in residential loan transaction
3 days from loan app
Fannie Mae active in
Secondary mortgage market
Who regulates Reg z
FTC
In mortgage foreclosure sale buyer gets deed from
No one
RE loan usury rates set by
State law
Funds for trust deed loan come from
Beneficiary
Buyer may sell property secured by trust deed in default
Within the 90 day reinstatement period
When borrower repays lender at a rate higher than agreed excess payments are applied to
Principal
Who carries out power of sale in a deed of trust
Trustee
Trustees fee under deed of trust is
.005 of existing loan balance
Seller takes back a PMM as part payment.
Buyer becomes mortgagor
When mortgage in default satisfied it is
Redeemed
A wrap around will never be
1st deed of trust
What does not apply too deed of trust?
Redemption period,
D of T has reinstatement
APR is higher than interest rate because lender charges?
Discount points
Who limits lender in amt of reserves lender may hold in residential transaction?
RESPA
Effective rate of interest is also called
APR
Own land free and clear. Borrow against your equity on a first deed of trust. You buy mobile home but are later in default on loan. Lender can foreclose on
Land only
Truth in Lending Reg Z applies if loan has more than ___ payments.
4
Primary diff btw agreement for sale and PMM
Agreement for sale contains note and security all in one doc
In Trust deed foreclosure
Debtor receives notice of sale
