Ownership - Foreclosure 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
