Question

quizlet When a borrower defaults on a mortgage, which one of the following statements does NOT apply? The property will be sold by the sheriff at public auction The highest bidder will receive a deed and occupancy at the time of the sale If the proceeds of the sheriff's sale do not cover the judgment debt owed by the mortgagor, the mortgagee may sue to obtain a deficiency judgment if the transaction is not exempt under the anti-deficiency rules If the proceeds received were not enough to pay off the debt, the defaulting borrower has a one year statutory right of redemption after the sale date

Answer 1

power of sale clause

What is borrower defaults?

Any default under or breach of any such agreement or instrument is referred to as a borrower default. This includes any default or event of default as defined in any agreement or instrument evidencing, governing, or issued in connection with lender Indebtedness, including but not limited to the Credit Agreement. Any situation or event that, upon giving notice, passing of time, or both, would, unless corrected or waived, become a borrower event of default is referred to as a borrower default. If the borrower fails to pay back any advances when they are due or if legal action is taken to appoint a receiver, trustee, liquidator, or custodian of the borrower or of all or a major portion of it, a borrower default is said to have taken place.

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