Property - Mortgages Flashcards

You may prefer our related Brainscape-certified flashcards:
1
Q

Purchase money mortgage is

A

The loan you use to buy the property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

If you have multiple mortgages on the house which one is first to get paid back

A

Purchase money mortgage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Redemption

A

how to redeem the property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are the two ways of redemption

A

equitable and statutory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Equitable redemption

A

period of time from the notice of the foreclosure until the foreclosure sale (even at the last second before the sale)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Can equitable redemption be waived

A

No, even if in the documents

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Statutory redemption

A

period of time after the foreclosure sale until the statute says so; Not automatically given

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Lien theory

A

when the bank gives you the money, the only have a lien but the buyer has a title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Title theory

A

Bank owns the title and holds the deed. Buyer only gets title when they pay off the property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What issues arise if you are in a title theory jurisdiction

A

issues selling the house

will sever a JT into a TIC because bank has title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Assuming a mortgage means what in terms of responsibility

A

The person assuming is primarily responsible

The original owner is secondarily liable under suretyship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Subject to a mortgage means what in terms of responsibility

A

Original owner is primarily responsible

Subject means you do not agree to pay anything, and the balance still owed is the original owners

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Deed in Lieu of Foreclosure

A

 gonna give the deed to the bank right now and give up all my ownership in the house in lieu of this whole foreclosure proceeding

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Any mortgage taken after a PMM mortgage will be wiped out as long as

A

Notice is given

AND

They join the suit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Anything before the mortgage that is being foreclosed will make you

A

subject to that mortgage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Deficiency Judgement

A

When the foreclosure sale of the house does not cover the full mortgage

17
Q

What is a remedy to the deficiency judgment

A

come after the owner for the amount of money they did not get

18
Q

When is title given in an installment land K

A

when you pay off the entire amount

19
Q

When is the marketable title owed in an installment land K

A

last installment