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In: Economics

Which of the following statements best describes non-judicial foreclosure?


Which of the following statements best describes non-judicial foreclosure? 

  • When there is a "partnership" provision in the mortgage or trust deed document, a non-judicial foreclosure cannot proceed unless a circuit judge agrees with the lender. 

  • When there is a "sale requirement provision in the mortgage or trust deed document, a non-judicial foreclosure cannot proceed unless the borrower agrees. 

  • When there is a "power of sale" provision in the mortgage or trust deed document, a non-judicial foreclosure can force the sale of the lined property without a foreclosure suit. 

  • When there is a "payback" clause in the mortgage or trust deed document, a non-judicial foreclosure can force the borrower to sell the property to the state.

Solutions

Expert Solution

Solution: When there is a "power of sale" provision in the mortgage or trust deed document, a non-judiciary foreclosure can force the sale of the liened property without a foreclosure suit.

Reason- Non-judicial foreclosures happen when a mortgage agreement has a "power of sale" clause that gives the lender the right to foreclose on a property by itself. Without that clause, the lender has to take the borrower to court in order to foreclose; hence the term. Many states require judicial foreclosures.

Rahul Sunny answered 2 years ago
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