Mortgages

Question 1

Purchase Money Mortgage

Answer 1

Money used to buy the mortgage
Always gets priority \ aka has to be paid back first

Question 2

Redemption

Answer 2

Foreclosure/trying to get the home back
Paying off debt to prevent foreclosure

Question 3

Equitable Redemption

Answer 3

May never be waived
Time from notice to date of sale
All about allowing people to keep their property

Question 4

Statutory Redemption

Answer 4

Period of time after foreclosure sale

Question 5

Lien Theory

Answer 5

Bank only has a lien
Owner holds title
Owner can sell

Question 6

Title Theory

Answer 6

Bank holds title
Owner only has equitable interest
Owner cannot sell

Question 7

Assume the Mortgage

Answer 7

New buyer takes over payment
Original owner is secondarily liable unless novation

Question 8

Subject to Mortgage

Answer 8

Original owner keeps paying for the mortgage
Bank can still foreclose if original person does pay

Question 9

Deed in Lieu of Foreclosure

Answer 9

Sign deed to the bank and skip foreclosure proceeding

Question 10

Deficiency Judgment

Answer 10

Collect remaining money to recovered by foreclosure sale

Question 11

Installment Land K

Answer 11

Buyer gets title of the property
When the entire balance is paid off
Default can be foreclosed.