Foreclosures Flashcards
1
Q
Liquidation of collateral property by judicial, non-judicial, or strict foreclosure
A
Mortgage Lien Foreclosure
2
Q
Lawsuit and court-ordered public sale; deficiency judgements, redemption rights
A
Judicial Foreclosure
3
Q
Power of sale, granted to lender; no suit; no deficiency judgement; no redemption period after sale
A
Non-Judicial Foreclosure
4
Q
Court orders legal transfer of title directly to lender w/o public sale
A
Strict Foreclosure
5
Q
Defaulted borrower deeds property to lender to avoid foreclosure
A
Deed in lieu of Foreclosure
