NCh2 Foreclosure and Alternatives

Question 1

The legal process, instituted by a trustee, lienholder, or creditor, after a debtors default on his, or her payments is called

Answer 1

Foreclosure

Question 2

Any excess money left over from the for sale is given to whom?

Answer 2

The debtor

Question 3

In the event of a shortage from a forced sale, the lender may sue the borrower for what is called a

Answer 3

Deficiency judgment

Question 4

At foreclosure, all Junior liens against the property are

Answer 4

Wiped out

Question 5

When does foreclosure under the deed of trust end?

Answer 5

When the trustee delivers the trustees deed to the buyer

Question 6

An alternative to foreclosure where the lender accepts the deed from the borrower and accept any Junior liens on a property is called?

Answer 6

Deed in lieu of foreclosure

Question 7

Allowing a borrower at any time up to the moment of foreclosure to step in and pay what is owed and reclaim property forfeited due to mortgage default is called

Answer 7

Equity of redemption, or equitable redemption

Question 8

How many days prior to a foreclosure sale must a lender send the notice of foreclosure by certified mail?

Answer 8

21

Question 9

A sale of secured real property that produces less money that is owed to the lender is called a

Answer 9

Short sale