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Author Question: What is a deficiency judgment? What will be an ideal response? ... (Read 9 times)

michelleunicorn

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on: Aug 3, 2018
What is a deficiency judgment?
 
  What will be an ideal response?

Question 2

What is the difference between the right to cure default, the equitable right of redemption, and the statutory right of redemption?
 
  What will be an ideal response?


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ankilker

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Reply #1 on: Aug 3, 2018
Answer to Question 1

After a foreclosure sale, if the sale proceeds are still not enough to pay the mortgage debt, the mortgagee can bring an action against the mortgagor to recover the deficiency. A deficiency judgment can be enforced against other property of the mortgagor.

Answer to Question 2

The right to cure default permits the borrower to stop the effect of an acceleration clause by paying the amount in default at any time prior to a foreclosure sale. The equitable right of redemption is the right of the mortgagor to recover the property after default by paying the outstanding debt. Equitable redemption terminates at the foreclosure sale. In a statutory right of redemption, the mortgagor may recover the foreclosed property anywhere six to twelve months after the foreclosure sale.


michelleunicorn

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Reply 2 on: Aug 3, 2018
YES! Correct, THANKS for helping me on my review

isabelt_18

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Reply 3 on: Yesterday
Excellent

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