This topic contains a solution. Click here to go to the answer

Author Question: Explain the process of foreclosure. What will be an ideal ... (Read 77 times)

jake

  • Hero Member
  • *****
  • Posts: 538
Explain the process of foreclosure.
 
  What will be an ideal response?

Question 2

The document that in great detail governs the internal management structure of the corporation is called the:
 
  a. Articles of Incorporation.
  b. Executive compensation agreement.
  c. Meeting minutes.
  d. Bylaws.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

patma1981

  • Sr. Member
  • ****
  • Posts: 292
Answer to Question 1

A person who owns a piece of real property has an ownership interest in that property. This interest is generally described in a writing known as a deed. A property owner who borrows money from a creditor may use this interest as collateral for repayment of the loan. This type of collateral arrangement, known as a mortgage, is a two-party transaction. The owner-debtor is the mortgagor, and the creditor is the mortgagee. If a mortgagor defaults on a mortgage, the mortgagee can declare the entire debt due and payable immediately. This right can be enforced through a procedure called foreclosure. All states permit foreclosure sales. Under this method, the debtor's default may trigger a legal court action for foreclosure. Any party having an interest in the propertyincluding owners of the property and other mortgagees or lienholdersmust be named as a defendant. If the mortgagee's case is successful, the court will issue a judgment that orders the real property to be sold at a judicial sale. The procedures for a foreclosure action and sale are mandated by state statute. Any surplus must be paid to the mortgagor. Most states permit foreclosure by power of sale, although this must be expressly conferred in the mortgage or deed of trust. Under a power of sale, the procedure for that sale is contained in the mortgage or deed of trust itself. No court action is necessary. Some states permit the mortgagee to bring a separate legal action to recover a deficiency from the mortgagor.

Answer to Question 2

D




jake

  • Member
  • Posts: 538
Reply 2 on: Aug 3, 2018
Excellent


at

  • Member
  • Posts: 359
Reply 3 on: Yesterday
Great answer, keep it coming :)

 

Did you know?

Studies show that systolic blood pressure can be significantly lowered by taking statins. In fact, the higher the patient's baseline blood pressure, the greater the effect of statins on his or her blood pressure.

Did you know?

The FDA recognizes 118 routes of administration.

Did you know?

Eat fiber! A diet high in fiber can help lower cholesterol levels by as much as 10%.

Did you know?

Individuals are never “cured” of addictions. Instead, they learn how to manage their disease to lead healthy, balanced lives.

Did you know?

This year, an estimated 1.4 million Americans will have a new or recurrent heart attack.

For a complete list of videos, visit our video library