Foreclosure Process and Judgments

The video tutorial explains the mortgage process, starting from a homeowner buying a house and a lender making a loan. It covers the reselling of loans, the role of a servicer in collecting payments, and the steps taken if a borrower defaults. The foreclosure process is detailed, including legal actions, borrower responses, mediation, and the eventual foreclosure judgment and sale. Post-sale actions, such as eviction and deficiency judgments, are also discussed.

What is the role of a servicer in the mortgage process?

• To conduct title searches

• To sell houses to homeowners

• To collect mortgage payments from borrowers

• To issue loans to borrowers

What action does a servicer take if a borrower defaults on a loan?

• Starts foreclosure proceedings

• Conducts a title search

• Issues a new loan

• Sells the property

What happens if a borrower does not respond to a foreclosure summons?

• The loan is forgiven

• A mediation is automatically scheduled

• The borrower is immediately evicted

• A notice is published in a daily publication

What is scheduled after a judge approves a foreclosure?

• A title search

• An online sale

• A mediation session

• A new loan issuance

What can stop a foreclosure sale from proceeding?

• The borrower files for bankruptcy

• The borrower pays a small fee

• The servicer withdraws the complaint

• The lender issues a new loan

What document is issued to the new homeowner after a foreclosure sale?

• A deficiency judgment

• A foreclosure notice

• A loan agreement

• A certificate of title

What happens if the former owner is still occupying the house after the sale?

• The servicer conducts a mediation

• The sheriff evicts the former owner

• The lender issues a new loan

• The borrower is given more time to vacate

What is a deficiency judgment?

• A judgment against the borrower for the remaining loan balance

• A judgment to issue a new loan

• A judgment against the lender for issuing a faulty loan

• A judgment to stop the foreclosure process

How long after a foreclosure sale is a sale certificate issued?

• 60 days

• 30 days

• 10 days

• Immediately