Mortgages and Foreclosure Self-Quiz
Carla wants
to buy Cheersacre. However, she does not have the $400,000 that Rebecca,
the owner of Cheersacre is demanding. So, she borrows $400,000 from Sam
and uses Cheersacre as collateral for the loan. Sam is the…
|
In the previous
example, the mortgage involved is a “purchase money mortgage.”
|
Red and White
are joint tenants in Blueacre. Red wants to borrow $100,000 from First
National Bank to take a vacation around the World. However, First National
insists on some collateral for the loan. So, Red gives First National
a mortgage on his interest in Blueacre. Does this break up the joint tenancy
in Blueacre between Red and White?
|
An equitable
mortgage will be inferred when…
|
A mortgagee
holds which of the following rights in mortgaged property?
|
Fred takes
out a mortgage of $200,000 on Blackacre from Acme Bank. Acme assigns the
mortgage to Bloomer Bank for valid consideration. Fred claims that he
signed the mortgage note when he was a minor. Can he use that defense
against a repossession action by Bloomer?
|
Fred takes
out a mortgage of $200,000 on Blackacre from Acme Bank. Acme assigns the
mortgage to Bloomer Bank for valid consideration. Fred claims that the
terms of the mortgage note are unconscionable. Can he use that defense
against a repossession action by Bloomer?
|
Fred takes
out a mortgage of $200,000 on Blackacre from Acme Bank on April 1, 2003.
The mortgage is not recorded right away. On May 1, 2003, Fred sells Blackacre
to Barney. Barney records his deed on May 2, 2003. Finally, on May 15,
2003, Acme records its mortgage. Is Blackacre still subject to Acme’s
mortgage?
|
Fred takes
out a mortgage of $200,000 on Blackacre from Acme Bank on April 1, 2003.
The mortgage is not recorded right away. On May 1, 2003, Fred sells Blackacre
to Barney. On May 15, 2003, Acme records its mortgage. On May 20, Barney
records his deed. Is Blackacre still subject to Acme’s mortgage?
|
For the next six questions,
assume the following facts: |
If Third brings
a foreclosure action and Trumpacre is sold for $700,000 after costs, how
much of that will First receive?
|
If Third brings
a foreclosure action and Trumpacre is sold for $600,000 after costs, how
much of that will Fourth receive?
|
If Third brings
a foreclosure action and Trumpacre is sold at the foreclosure sale, will
Second’s mortgage on Trumpacre be extinguished?
|
If Third
brings a foreclosure action and Trumpacre is sold for $800,000 after costs,
how much of that will Donald receive?
|
If, instead
of Third bringing the foreclosure action, First brings the foreclosure
action and Trumpacre is sold for $500,000 after costs. Will Fourth’s
mortgage become extinguished?
|
© 2003 - 2024 National Paralegal College