Title: Explain elements of foreclosure proceedings.
Course: Real Estate (12154) > Section: Examining Types of Mortgages and Deeds of Trust

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?