Foreclosure Flashcards
1
Q
Mortgage Lien Foreclosure
A
liquidation of collateral property by judicial, non-judicial, or strict foreclosure
2
Q
Judicial Foreclosure
A
- Lender takes you to court
- Deficiency judgment - borrower has to forfeit other property to pay off any shortfalls from foreclosure
3
Q
Non-Judicial Foreclosure
A
“power of sale” granted to lender; no suit; no deficiency
4
Q
Strict Foreclosure
A
court orders legal transfer of title directly to lender without public sale
