1. Explain the differences between a judicial foreclosure state and a non judicial foreclosure state. (b)...

1. Explain the differences between a judicial foreclosure state and a non judicial foreclosure state. (b) Which is Florida? (c) Explain why the difference matters. (3 points) Please be detailed and site sources.

Solutions

Expert Solution

1. Explain the differences between a judicial foreclosure state and a non judicial forclosure state.

Judicial Foreclosure State	Non Judicial Forclosure State
Lender has to file a lawsuit in court in order to foreclose. Home loans are secured by a mortgage.	Lender can foreclose without going through the court system. Home loans are secured by a deed of trust.

_{Note: Regardless of the type, the final
step in the foreclosure process is a foreclosure sale.}

(b) Which is Florida?

Florida is a judicial foreclosure state.

(c) Explain why the difference matters.

Foreclosure generally is a process to force the transfer of ownership of real property out of the name of the Homeowner into the name of a lender, lienholder or new purchaser. Depending on whether the forclosure is judicial or non judicial, it affects the foreclosure process and procedures. As in how you can raises defenses, and whether you'll be liable for a deficiency after the foreclosure sale.

keosha answered 10 months ago

Next > < Previous

Related Solutions

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...

(a) differentiate between parametric and non parametric statistical data.give one example each (b) explain the differences...

(a) differentiate between parametric and non parametric statistical data.give one example each (b) explain the differences between scientific research and common sense; the four ways of attaining knowledge (c) what do you consider the factors that hinder research efforts in West Africa. (d) enumerate the advantage and disadvantage of secondary data

Please explain the difference between judicial review and parliamentary sovereignty and the trend towards judicial review...

Please explain the difference between judicial review and parliamentary sovereignty and the trend towards judicial review after the end of the Second World War.

Write paragraphs on each question: 1) What is the difference between judicial activism and judicial restraint,...

Write paragraphs on each question: 1) What is the difference between judicial activism and judicial restraint, originalism, and non-originalism in judicial interpretation? 2) What are the presidential veto and the executive order or administrative decree, and how do president’s use them to advance policy goals?

What are the differences between a judicial (i.e. court-ordered) affirmative action plan, and a voluntary affirmative...

What are the differences between a judicial (i.e. court-ordered) affirmative action plan, and a voluntary affirmative action plan? Please give examples for each.

Explain the main differences between costs incurred on a non-current asset that are capitalised as part...

Explain the main differences between costs incurred on a non-current asset that are capitalised as part of the asset cost as opposed to costs that are immediately expensed. In your answer, you are also required to explain the difference in accounting treatment / impact on the accounting equation and provide an example of each to illustrate your answer. (word limit 150)

Question 1 (a) Explain the main differences between equity and efficiency. [10 marks] (b) Outline the...

Question 1 (a) Explain the main differences between equity and efficiency. [10 marks] (b) Outline the opportunity costs that an adult learner faces. [10 marks] (c) Explain the issues that are normally discussed in microeconomics.

Answer the following questions: A. Describe the differences between local, state, and federal health departments. B....

Answer the following questions: A. Describe the differences between local, state, and federal health departments. B. Identify 6 factors that influence health care costs. C. Describe how each of them affects health care costs.D. What resources are available to assist clients with healthcare costs. Provide APA reference page

Explain in detail: A) the differences between demand-pull inflation and cost-push inflation. B). Analyze the differences...

Explain in detail: A) the differences between demand-pull inflation and cost-push inflation. B). Analyze the differences between cost-push inflation and built-in inflation.

what are the similarities and differences between the North Korean state and the Chinese state in...

what are the similarities and differences between the North Korean state and the Chinese state in terms of how the state governs it policies, economy, and society?

Subjects