Which of the following security instruments, if any, does not allow the debtor the right of redemption upon default? a. Mortgage foreclosure by "action and sale" b. "Strict foreclosure" of mortgage c. Debtors have a right to redeem property under all of these security instruments. d. Deed of trust e. Mortgage foreclosure by "power of sale
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
Which of the following security instruments, if any, does not allow the debtor the right of redemption upon default?
a. Mortgage foreclosure by "action and sale"
b. "Strict foreclosure" of mortgage
c. Debtors have a right to redeem property under all of these security instruments.
d. Deed of trust
e. Mortgage foreclosure by "power of sale"
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