Flora is six months behind on her mortgage payments. The mortgagee bank has made several attempts to collect the delinquent payments from Flora but have been unsuccessful. Flora is considered in default. Explain the rights of the parties and possible outcomes
What will be an ideal response?
The mortgagee may invoke the acceleration clause in the mortgage and demand that Flora remit the entire amount due on the loan. The mortgagee may also institute foreclosure proceedings against Flora. Flora has a right of redemption to recover the real estate after default by paying outstanding debt. If she has the equity right of redemption, the right terminates at the foreclosure sale. If she lives in a jurisdiction that applies statutory redemption, Flora has six to twelve months after the sale to redeem the property.
You might also like to view...
Give two reasons that justify holding manufacturers strictly liable for defects in their products.
What will be an ideal response?
What is the concept of surcharge?
What will be an ideal response?
Using a word that can be interpreted two ways.?
Fill in the blank(s) with the appropriate word(s).
B says to C, "I will sell you my car for $4,000." C responds, "I love your car, but that is too high. I will give for $3,500 for the car." C has:
A) made an acceptance. B) made an option contract. C) made a counteroffer. D) made a promise.