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10 Cards in this Set
- Front
- Back
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Lien Theory
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Legal title Stays with Mortgagor.
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VA Deed of Trust
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Commonly used. Legal title stays with the Trustee, who has the power to sell out of court.
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Equitable Right of Redemption
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Prior to foreclosure, can pay off entire debt to receive title.
No SOL but latches, rebuttable presumption of Abandonment after no claim for 10 years |
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Statute of Limitaions
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Written K = 5 years
Foreclosure = 10 years Oral K = 3 years |
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Future Advance Clause
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Permits additional funds in future without need for another mortgage.
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Purchase Money Mortgage
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Selling of property to the purchaser on credit.
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Buyer "Assuming" the Mortgage
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Buyer becomes liable as the principle obligor.
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Buyer "Subject to" the Mortgage
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Liable as to the Mortgaged Property but not the debt
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Two Funds Theory
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2nd Lender of one property can force 1st Lender of two properties to foreclose on the shared property if it will satisfy 1st Lender's claim. Otherwise 2nd Lender = unsecured creditor
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Formal Release
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Creditor execute Formal Deed of Release or File a Certification of Satisfaction of the debt where lien recorded
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