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Real Property • Security Interests in Real Estate
PROP#201
Legal Definition
The debtor is the mortgagor, the lender is the mortgagee. On default, the lender can have a judicial foreclosure sale conducted by the sheriff.
Plain English Explanation
When a person with a mortgage fails to pay their mortgage, the lender has the right to take possession of their property. About half of the United States require judicial foreclosures, which mean the lender must bring a lawsuit against the non-paying debtor in order to initiate a foreclosure.
Related Concepts
How do states treat a mortgage without a note?
How do states treat a note without a mortgage?
How is a mortgage's priority determined?
How may a party be a holder in due course of a note?
In lieu of foreclosure, what do many installment contracts prefer and how do courts address this alternative?
Under which theories may a mortgagee take possession of a property and begin receiving rents before foreclosure?
What are the 5 types of security interests in real estate?
What are the benefits of the holder in due course status?
What are the limitations of a junior interest?
What are the methods of transferring a note?
What interests does a foreclosure destroy?
What is a deficiency judgment?
What is a due on sales clause?
What is a foreclosure?
What is an installment land contracts?
What is a receivership?
What is a redemption in equity?
What is a statutory redemption?
What is the distribution order of proceeds from a foreclosure?
What is the result of a grantee assuming the mortgage?
What liabilities are associated with a mortgaged property that is transferred to another party?
What occurs in intermediate theory states?
What occurs in lien theory states?
What occurs in title theory states?
What results from a party purchasing a foreclosed property subject to a senior interest?
What security interests exist under a absolute deed?
What security interests exist under a deed of trust?
What security interests exist under a installment land contract?
What security interests exist under a sale-leaseback?
Who may transfer their interest in a mortgage?