What happens under the strict foreclosure process? The lender demands the borrow

Question

What happens under the strict foreclosure process?

The lender demands the borrower pay the full mortgage amount in 90 days or the borrower will be required to vacate the property.

The lender files suit asking a court to order the borrower to pay the mortgage debt by a certain date or the lender will automatically gain full title to the property.

The lender decides to restructure the original loan so the borrower can start making payments again.

The lender files suit asking the court to sell the property and then pay the lender.

An escrow account ledger would contain

the amount of the accepted sales contract, the anticipated closing date, and the name of the transaction's parties.

names of all parties to a transaction, the amount of escrow funds the sponsoring broker received, and the date the broker received the funds.

an amount of interest generated, the fee paid to the state's Commission, and the personal information of the parties.

a picture of the check, the deposit slip, and the amount the broker commingled in his business account.

Which is true about the Real Estate Commissioners?

All commissioners are selected from anywhere in the state.

Three must be from the Eastern Grand Division, and four from the Western Grand Division.

There must be three from each of the three Grand Divisions.

They must each serve a three-year term.

Explanation / Answer

1. B. The lender files suit asking a court to order the borrower to pay the mortgage debt by a certain date or the lender will automatically gain full title to the property.

Its basically a way for lender to get the amount he lent back and if in the court levied time, mortgagor doesn't pay back, the right to that property gets foreclosed by law.

2. B. names of all parties to a transaction, the amount of escrow funds the sponsoring broker received, and the date the broker received the funds

Escrow ledger account contains names of parties, amounts broker received, date, the name of the payee of disbursal if any .

3. C. There must be three from each of the three Grand Divisions.

There must be three from each of the three grand divisions. Which makes it nine members. Atleast 7 having the experience brokering for more than 5 years.

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