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28 Cards in this Set
- Front
- Back
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Borrower |
Trustor = ? |
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Beneficiary |
Lender = ? |
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Trustee |
Who holds legal title "Bare & Naked"? |
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Beneficiary |
Trustor pays... |
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Deed of Reconveyance |
Beneficiary instructs Trustee to issue a ________________ when a loan is paid off. |
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Deed of Reconveyance |
_____________________ is signed by the Trustee |
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Beneficiary's Lien |
Deed of Reconveyance needs to be recorded to release the ______________. |
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30 days of loan payoff |
Deed of Reconveyance is to be issued to Trustor within... |
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Trustee |
When a Deed of Trust is in "Foreclosure", the ________ has the Power of Sale, and no court action is necessary. |
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Acceleration Clause |
A Deed of Trust may be foreclosed as a mortgage if the lender uses the... |
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Reinstated |
A Deed of Trust in default is ___________ by the borrower, not redeemed. |
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Forbearance |
When a Deed of Trust is in default but the lender does not foreclose, this is called... |
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Trustor |
Any excess funds after a "foreclosure" go to the... |
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Trustor - Borrower |
When a Deed of Trust is in foreclosure, all property expenses such as taxes and insurance remain the obligation of the... |
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redemption or reinstatement |
After the completion of a Deed of Trust Foreclosure, the original Borrower has no further rights, no______________________ exists. |
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Lender may start the foreclosure process |
If a borrower has a payment due on the first of the month and it is now the seventh of the month the.... |
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Mortgagor |
Borrower = ? |
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Mortgagee |
Lender = ? |
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Mortgagor; mortgagee |
__________ pays _____________ the monthly payments. |
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Satisfaction of Mortgage |
Mortgagee will issue the Mortgagor a __________________, when loan is paid in full. |
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30 days of loan payoff |
Satisfaction of Mortgage must be given to the borrower within... |
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Court action |
When a mortgage is in forclosure, ____________ is required. |
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Acceleration |
When a Mortgage is in foreclosure, the entire loan balance is called (all due and payable). This is... |
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Redemption |
In order for the Mortgagor/Borrower to stop foreclosure, the entire loan balance is paid. This is called... |
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Certificate of Sale |
At a Mortgage foreclosure sale, the winner of the action receives... |
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six months |
The original Borrower/Mortgagor has ___________ to redeem with the Certificate of Sale holder. |
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Mortgagor |
Any excess funds after a foreclosure sale, go to the... |
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Promissory Note |
The evidence of the debt is called the... |
