Real Estate Principles 3rd Edition by David Ling,Wayne Archer

Exercise 26

For your own state, determine whether:
a. It is ajudicial or nonjudicial foreclosure state.
b. The standard home loan is based on a deed of trust or a mortgage.
c. There is a statutory right of redemption and, if so, how long.
d. Deficiency judgments are allowed against defaulted homeowners.
Based on this information, can you judge whether your state is relatively lender friendly or borrower friendly For this exercise use the websites noted in the text: fore- closureassistance.com and foreclosures.com.