What happens under the strict foreclosure process

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Reference no: EM132208646

1. 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.

2. 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.

3. 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.

Reference no: EM132208646

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