Terms in this set (11)
If the amount realized at the foreclosure sale is more that the indebtedness, the excess belong to:
Ronald defaulted on his home mortgage payments. The lender obtained a court order to foreclosure on the property. At the foreclosure sale, Ronald's house sold for 29,000 and the unpaid balance on his loan is $40,000. What must the lender do to recover the $11,000 Ronald still owes?
Seek a deficiency judgment
Foreclosure would terminate:
Equitable right of redemtion
Which BEST describes an owner's equity in the property?
The value over and above the outstanding mortgage balance
A promissory note would usually contain each EXCEPT:
Physical description of the collateral
An instrument that evidences one person owing another money is a (n) :
A clause in a mortgage releasing the indebtedness once the loan is paid off is:
A mortgage which is subordinate to another mortgage is called a:
In an installment land contract, what type of title did the seller retain until the loan was paid?
Which form of financing would be the greatest risk to the buyer?
Installment land contract mortgage
When the buyer's mortgage is more than the market value of a home and the buyer MUST sell the home a/an _________ might be negotiated with the bank
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Chapter 12 Quiz
12.TEST / Real Estate FINANCE
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