The Property Foreclosure Process

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

When will a lender seek a deficiency judgment?

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1. Which of the following is a major difference between equitable redemption and statutory redemption following a foreclosure?

2. What is typically the minimum amount of time it takes for a lender to begin foreclosure action against a borrower who is delinquent on home loan payments?

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About This Quiz & Worksheet

Every state has a foreclosure system in place to handle situations where homeowners can't make their loan payments. This system is meant to help protect homeowners from lenders who would try to seize property without a valid reason. The quiz asks you questions about steps in the foreclosure process.

Quiz & Worksheet Goals

You will be quizzed on:

  • When a lender can seek a deficiency judgment
  • A difference between equitable redemption and statutory redemption
  • The meaning of acceleration
  • An advantage for homeowners in the foreclosure process

Skills Practiced

  • Knowledge application - use your knowledge to point out the minimum amount of time a lender will work with a borrower before starting the foreclosure process
  • Information recall - access your understanding of deficiency judgments
  • Distinguishing differences - compare and contrast topics from the lesson, such as equitable redemption and statutory redemption

Additional Learning

Increase your understanding of foreclosure by reviewing the lesson called The Property Foreclosure Process. Lesson objectives include:

  • Describe what happens after a loan has been accelerated
  • Define equitable and statutory redemption
  • Explain what rights a lender has in regards to the homeowner's debt after foreclosure
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