Mortgages Flashcards
1
Q
Mortgage/Follows(1)
A
A mortgage follows the property.
2
Q
Foreclosure/Multiple Creditors & Interests
A
A foreclosure sale wipes out all junior mortgages, but does not wipe out senior mortgages.
3
Q
Foreclosure/Transferee
A
When a mortgagor transfer title to another and the transferee takes “subject to” the mortgage, the transferee will not be liable to mortgagee. A transferee is only liable if he assumes the mortgage.
4
Q
Foreclosure/Mortgagee’s Rights
A
A mortgagee may foreclose or sue the mortgagor on the debt.
