Exam (elaborations)
Blaw 3314 Final Exam Detailed Questions And Expert Answers
- Course
- BLAW 3314
- Institution
- University Of Texas - Arlington
Blaw 3314 Final Exam Detailed Questions And Expert Answers
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Blaw 3314 Final Exam Detailed Questions AndExpert Answers
Past Due - ANS 1 day late after due date
Late - ANS 16 days after due date, credit rating in jeopardy
Delinquent - ANS 30 days after due date
Loan Subject to Foreclosure Action - ANS an amount of time after due date that is
determined by association's BOD
Salvage Powers - ANS association's right and responsibility to do everything
possible to avoid loss on a loan; FEDERAL S&Ls have this power
Default - ANS failure to fulfill obligation. applies to insurance premiums and taxes
Prepayment Penalty - ANS clause that says if mortgage is prepaid within a certain
time, a penalty will be assessed. Ex: you pay off loan early so you pay loaner
penalty for loss of profit; Florida Nat'l Bank v.
Acceleration Clauses - ANS allows lender to require a borrower to repay all or part
of outstanding loan if contract is breached. Can be used if you miss a payment
, Federal Preemption of Foreclosure Law - ANS Each state has their own law. If
HUDD forecloses, they use their OWN laws and not the state's
Strict Foreclosure - ANS lender says "I'll take take just the property and won't
come after you for the loan." Only exists in Connecticut and Vermont
Junior Lien v. Senior Lien - ANS If you have a senior lien and want to foreclose, you
should search the records and give notice to inferior lien. If you don't, junior lien
survives the sale
What if the Junior Lien Wants to Foreclose, no notice to Senior? - ANS no effect on
senior lien
If Junior Lien Wants to have Another sale, is he entitled to it? - ANS yes
Power of Sale Foreclosure - ANS creditor can sell without going to court. exists in
ALL deeds of trust
Deeds of Trust - ANS like a mortgage; trustee is acting for benefit of the bank
Deed in Liu of Foreclosure - ANS basically a contractual strict foreclosure; debtor
walks away without debt and creditor doesn't have to worry about foreclosure
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