AceableAgent state exam study set Questions
And Complete Answers
Strict Foreclosure the borrower is required to remedy the delinquency within a certain
period after they are given notice. If the delinquency is not remedied, the borrower loses their
redemption rights and the lender may foreclose.
nonjudicial foreclosure Foreclosure without a lawsuit. It is usually done through a power
of sale clause. The power of sale clause in the loan contract allows the lender to foreclose
without taking the case to court.
Equitable redemption occurs before the foreclosure sale (auction) of the property and
allows defaulting debtors to pay the defaulted portion of the debt and prevent foreclosure
Statutory redemption: occurs after the foreclosure sale (auction) of the property and
allows defaulting debtors to regain possession of the property. This is not available in Texas.
deficiency judgment whereby the lender attempts to recover any losses not recovered in
the auction of the collateral property by suing the borrower.
moratorium limited break from payments
And Complete Answers
Strict Foreclosure the borrower is required to remedy the delinquency within a certain
period after they are given notice. If the delinquency is not remedied, the borrower loses their
redemption rights and the lender may foreclose.
nonjudicial foreclosure Foreclosure without a lawsuit. It is usually done through a power
of sale clause. The power of sale clause in the loan contract allows the lender to foreclose
without taking the case to court.
Equitable redemption occurs before the foreclosure sale (auction) of the property and
allows defaulting debtors to pay the defaulted portion of the debt and prevent foreclosure
Statutory redemption: occurs after the foreclosure sale (auction) of the property and
allows defaulting debtors to regain possession of the property. This is not available in Texas.
deficiency judgment whereby the lender attempts to recover any losses not recovered in
the auction of the collateral property by suing the borrower.
moratorium limited break from payments
