Quiz Ch. 68-72 Flashcards
The _____ contained in a trust deed authorizes the trustee to initiate a non-judicial foreclosure sale of the property on a declaration of default and instructions to foreclose from the beneficiary.
power-of-sale provision
Prior to completion of the trustee’s sale, an owner may _________ by paying all sums due under the note and trust deed and reimbursing the lender’s costs of foreclosure.
redeem property in foreclosure
Before recording a Notice of Default (NOD) on a trust deed securing a purchase-assist mortgage on a borrower’r principal residence, a mortgage holder needs to:
conduct a pre-foreclosure workout with the owner.
Within ______ after recording a Notice of Default (NOD), the trustee sends a copy of the NOD by registered or certified mail to holders of a recorded interest in the secured property.
one month
At least _______ the date selected by a trustee to hold a trustee’s sale, the trustee sends two copies of the Notive of Trustee’s Sale (NOTS) to each party the trustee previously sent a Notice of Default (NOD).
20 calendar days before
A trustee’s sale is considered final and complete:
on the trustee’s acceptance of the last and highest bid.
A ___________ is the court-ordered sale by public auction of a secured property, lasting from eight months to multiple years before it is completed.
judicial foreclosure
A ____________ is issued to the successful bidder on the completion of a judicial sale.
certificate of sale
The _________ is an itemized deduction for income tax reporting allowing homeowners to deduct interest and related charges they pay on a mortgage encumbering their primary or second homes.
mortgage interest deduction (MID)
A ____________ is an individual’s home where the homeowner’s immediate family resides a majority of the year, is close to the homeowner’s place of employment and banks which handle the homeowner’s accounts.
principal residence
