This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: What is a deficiency judgment? What will be an ideal response? ... (Read 15 times)

michelleunicorn

  • Hero Member
  • *****
  • Posts: 565
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?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

ankilker

  • Sr. Member
  • ****
  • Posts: 328
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

  • Member
  • Posts: 565
Reply 2 on: Aug 3, 2018
Great answer, keep it coming :)

EAN94

  • Member
  • Posts: 307
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

Green tea is able to stop the scent of garlic or onion from causing bad breath.

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Did you know?

The types of cancer that alpha interferons are used to treat include hairy cell leukemia, melanoma, follicular non-Hodgkin's lymphoma, and AIDS-related Kaposi's sarcoma.

Did you know?

About 60% of newborn infants in the United States are jaundiced; that is, they look yellow. Kernicterus is a form of brain damage caused by excessive jaundice. When babies begin to be affected by excessive jaundice and begin to have brain damage, they become excessively lethargic.

Did you know?

More than nineteen million Americans carry the factor V gene that causes blood clots, pulmonary embolism, and heart disease.

Selected Minerals: Food Sources, Functions, and Deficiency and Toxicity Symptoms (continued) Selected Minerals: Food Sources, Functions, and Deficiency and Toxicity Symptoms (continued)
Dose-response relationship. As the dose of a drug increases, a maximal response or plateau is ... Dose-response relationship. As the dose of a drug increases, a maximal response or plateau is ...
The yellow, blue, and green sections of the Emergency Response Guidebook (ERG). The yellow section ... The yellow, blue, and green sections of the Emergency Response Guidebook (ERG). The yellow section ...
Vitamin C deficiency can cause skin hemorrhages Vitamin C deficiency can cause skin hemorrhages
Babinski response Babinski response
The response of the lac operon in the presence of lactose in a cell bearing the IS mutation The response of the lac operon in the presence of lactose in a cell bearing the IS mutation
Video: Exercise and cardiac output

For a complete list of videos, visit our video library