A lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If he accepts, which of the following will be TRUE?
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A lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If he accepts, which of the following will be TRUE?
a. Because it is voluntary, it will not be an adverse item on the buyer's credit.
b. The lender will take the title subject to any junior liens.
c. The lender will usually retain his rights under mortgage insurance or VA guarantee.
d. The loan will still be assumable.
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- Ways that a lender may respond to a defaulted loan without resorting to foreclosure include all of the following except Multiple Choice defer or forgive some of the past-due payments. accept a deed in lieu of foreclosure. allow short sale to a third party. accelerate the debt. offer credit counselina.Which of the following security instruments, if any, does not allow the debtor the right of redemption upon default? a. Mortgage foreclosure by "action and sale" b. "Strict foreclosure" of mortgage c. Debtors have a right to redeem property under all of these security instruments. d. Deed of trust e. Mortgage foreclosure by "power of sale"Assuming the borrower is in no danger of default, under what conditions might a lender be willing to accept a lesser amount from a borrower than the outstanding balance of a loan and still consider the loan paid in full?
- The sale with right to repurchase the property will be presumed equitable mortgage, when? a. When the price of a sale with right to repurchase is unusually inadequate b. When the vendee binds himself to pay the taxes on the thing sold c. When the vendee took over the property d. When the vendor does not want to deliver the property.(a) Cite an example of a contract which is contrary to morals, (b) Can the nullity of the stipulation on the usurious interest affect (i) the lender’s rights to recover the principal loan; (ii) the terms of the real estate mortgage?1. Loans that are to be securitized are passed on to ____ _ _ _ _ _ ___. This helps ensure that if the lender goes bankrupt , it does not affect the credit status of the pooled loans . A. the originator B. a special - purpose entity C. the trustee D. a servicer E. the credit enhance
- What dangers are encountered by mortgagees and unreleased mortgagors when the property is sold “subject to” a mortgage?When might a borrower want to have another party assume his liability under a mortgage loan?What are the remedies that a mortgagor and mortgagee may avail if either of them fail to do their obligations?
- All of the following concepts with regard to the evolving title theory of mortgage lending are true EXCEPT a.lender rights are superior to borrower rights. b.the lender can dispossess the borrower without notice at first default. c.no compensation is made for any monies already paid to the lender. d.the lender has both legal and equitable rights.It refers to the right of mortgagor to redeem the mortgaged property after his default of the performance of his obligation by paying the secured obligation in order to prevent the public sale of his mortgaged property. a. Equity of redemption b. Right of redemption c. Right of preemption d. Equity of preemptionIf a friend who’d never heard of amortization before asked you to explain how loan payments work, what would you say?