Documents And Foreclosure

Question 1

The beneficiary is the

Answer 1

Lender

Question 2

This party holds legal title “bare and naked “

Answer 2

Trustee

Question 3

Who pays who between the trustor and beneficiary

Answer 3

Trustor pays beneficiary

Question 4

Who instructs who to issue a deed of reconveyance when the loan is paid off

Answer 4

Just beneficiary instructs trustee

Question 5

The deed of reconveyance is signed by the

Answer 5

Trustee

Question 6

The deed of reconveyance needs to be recorded to release the

Answer 6

Beneficiaries lean

Question 7

Deed of reconveyance is to be issued to the trustor within

Answer 7

30 days of loan payoff

Question 8

Is court action necessary when a deed of trust is in foreclosure and the trustee has the power of sale

Answer 8

No

Question 9

A deed of trust may be foreclosed as a mortgage if the lender uses what clause

Answer 9

Acceleration clause

Question 10

A deed of trust in default is REINSTATED or REDEEMED by the borroweR (pick one)

Answer 10

Reinstated

Question 11

When a deed of trust is in default but the lender does not foreclose this is called

Answer 11

Forbearance

Question 12

Any excess funds after a foreclosure go to the

Answer 12

Trustor

Question 13

When a deed of trust is in foreclosure all property expenses such as taxes and insurance remain the obligation of the

Answer 13

Trustor – borrower

Question 14

After the completion of a deed of trust foreclosure the original borrower has no further rights as well as

Answer 14

No redemption or reinstatement exists

Question 15

If a borrower has a payment due on the first of the month and it is now the seventh of the month the lender may

Answer 15

Start the foreclosure process

Question 16

The trustor is the

Answer 16

Borrower