Foreclosure

Question 1

Deed in Lieu of Foreclosure

Answer 1

mortgagee a deed in lieu of foreclosure,
which permits the mortgagee to take immediate possession without a foreclosure sale

Question 2

if the proceeds from the sale of Blackacre are less than the
amount owed or in excess?

Answer 2

Junior liens are paid off in order of their priority. Any remaining
surplus goes to the debtor.

Question 3

Equitable
Redemption

Answer 3

Once a valid foreclosure has taken place: the right to equitable
redemption is cut off.
How is the right of equitable redemption exercised when the note
does not contain an acceleration clause? (An acceleration clause
permits the mortgagee to declare the full balance due in the event of
default.)
What if the mortgage or note contained an acceleration clause?
The validity of acceleration