Explanation should include
- definition of foreclosure
- methods of foreclosure
- deed in lieu of foreclosure
- deed given to purchaser at sale
- deficiency judgment
- redemption
- short sale.
DPOR correlation: 18VAC135-20-400. 14 (Real estate financing)
Process/Skill Questions:
- Under what circumstances would a property go into foreclosure?
- When might a borrower/owner surrender a deed in lieu of foreclosure?
- What is a deficiency judgment?