Foreclosure Flashcards
Lawyers send demand letter stating
what the other party did wrong and what they need to do
if there is a notice clause int he K, adhere to the time, method, address
Types of Foreclosure
Judicial Foreclosure
Private Foreclosure
Strict Foreclosure
Judicial Foreclosure
happens in court, expensive, time consuming
Private Foreclosure
K must grant lender power to sell
Strict foreclosure
court conveys title to lender w/out having a sale
Equidy Redemption
right of borrower to cure their default prior to foreclosure
Statutory Redemption
foreclosed borrower may purchase the property from the forclosure sale purchaser at the same amount plus interest plus expenses
$ tha comes in from forclosure sale
allocated in order:
Expenses of sale
debt owed to lien holder
claim on jr lien holders
to the owner
Anti Deficiency Laws
if the amount sold does not cover costs, these laws protect forclosed borrower from owing the excesss
One-Action Statutes
