David Saks: August 2010

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 770

                                                         #770

Once the trustee's sale has been held and all of the expenses related to the foreclosure have been paid and all of the liens have been satisfied, if there is any money left over it belongs to the court.

Is this fact true or false ?

Please take your time. The solution posted below the wildlife photo.

wildlife

A. False

If anything is left over after everybody's been paid off, what remains belongs to the borrower or the owner that was foreclosed.




David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • August 09 2010 01:16PM
Real Estate Practice : Lesson 770
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#770 Once the trustee's sale has been held and all of the expenses related to the foreclosure have been paid and all of the liens have been satisfied, if there is any money left over it… more
Real Estate Practice : Lesson 769
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#769 If a borrower is facing nonjudicial foreclosure the borrower is entitled to the right of being able to cure the default on the loan by paying off the delinquincy and… more
Real Estate Practice : Lesson 768
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#768 When a mortgagee gives a mortgagor a document that declares that the debt has been paid in full this document is commonly referred to as a deed of complete release and revision … more
Real Estate Practice : Lesson 767
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#767 When a foreclosure sale is held following judicial foreclosure an execution or Sheriff's sale is held. Once the sale has been completed and the foreclosed property sold the… more
Real Estate Practice : Lesson 766
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#766 Anytime a buyer works out an arrangement that will allow the seller to assume the mortgage rather than a traditional lender this type of arrangement is known as a partnership Is this… more
Real Estate Practice : Lesson 765
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#765 When we talk about a budget mortgage we're talking about a mortgage that allows for the greatest discount level possible given the size of the loan and other variables. Is… more
Real Estate Practice : Lesson 764
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#764 A developer has seven parcels of land and found out that he needs some more money to finish the project. In order to secure a loan and the additional resources needed to finish the… more
Real Estate Practice : Lesson 763
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#763 If a provision is included in a mortgage that will permit the lender to declare an entire loan balance due and payable if the property is sold this provision is commonly referred to as… more
Real Estate Practice : Lesson 762
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#762 If there is a provision in a mortgage that allows the lender to declare the entire loan balance due upon default of the loan by the borrower this provision is known as an exculpatory… more
Real Estate Practice : Lesson 761
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#761 When one is considering an installment note they also have to consider the fact that only the interest is being paid if this type of note has been assumed by the buyer. Is this… more