Term
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Definition
| judicial foreclosure – involves sale of the mortgaged property under the supervision of a court; initiated by a lawsuit; available in every state |
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Term
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Definition
| involves sale of the mortgage property without court supervision; available in many, but not all, states |
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Term
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Definition
| involves court-ordered transfer of the mortgaged property to the lender; available in a few states. |
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Term
| What basically happens in a foreclosure? |
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Definition
| Lienors force a property owner to give up title. This may involve either the lienors' forcing the owner to sell and pay off the creditors, or taking title directly. |
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Term
| What are the basic differences between the three types of foreclosure? |
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Definition
Judicial foreclosure: sale under court supervision
Non-judicial foreclosure: sale without court supervision
Strict foreclosure: no sale; immediate transfer to lienholder. |
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Term
| What are the differences between the two kinds of right of redemption and the right of reinstatement? |
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Definition
Equitable right of redemption gives the borrower the right to pay off loan amounts and reclaim a foreclosed property up until the completion of the foreclosure sale.
Statutory right of redemption allows the borrower to pay the debt and reclaim the property for a statutory period which may go beyond the completion of the sale (up to a year, in some states).
Statutory right of reinstatement allows the borrower to cure the default and reinstate the loan during a statutory period before the law suit is concluded. |
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Term
| What happens to the sale proceeds in a judicial sale? |
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Definition
| Proceeds are used to pay 1) costs of the sale; 2) special assessment and ad valorem taxes; 3) first mortgage; 4) other mortgages and liens in order of recording; 5) remainder to the borrower. |
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Term
| What is the purpose of a deficiency judgment? |
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Definition
| It enables a lienor to attach the personal and real property of a lienee when the foreclosure sale has not produced enough funds to pay what the lienor is owed. |
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Term
| oklahoma foreclosure laws |
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Definition
| It enables a lienor to attach the personal and real property of a lienee when the foreclosure sale has not produced enough funds to pay what the lienor is owed. |
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Term
| What power does a lender have if a mortgagor defaults in a state that allows non-judicial foreclosure and the mortgage document includes a "power of sale" clause? |
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Definition
| The lender can give the borrower notice of the default and a chance to cure it, after which the lender may auction the property. |
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Term
| What happens to the title to a foreclosed property in a strict foreclosure? |
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Definition
| It transfers immediately to the lienholder. |
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Term
| What is the function of a deed in lieu of foreclosure? |
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Definition
| It avoids foreclosure by transferring legal title to the mortgagee. |
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Term
| What are two reasons for making land the basis of taxation? |
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Definition
1) The usual stability of land values makes land taxes predictable.
2) The attachment of taxes to land makes enforcement reliable.
3) Land is traditionally related to productivity and wealth; government takes its share. |
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Term
| What is a taxing district? Give several examples. |
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Definition
| A taxing district is a governmentally-established entity, defined by a geographical boundary that has the authority to collect taxes for specific purposes. Examples are school districts, library districts, and county bridge and highway departments |
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Term
| How does a special tax district differ from a permanent tax district? |
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Definition
| A local government authority establishes a special tax district to pay for the cost of a specific improvement in a specific area. Special tax districts cease to exist once the costs of the specific project have been paid for, unlike permanent tax districts. |
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Term
| What appraisal methods do tax assessors use to determine the assessed value of a property? |
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Definition
| Assessors use any of the standard appraisal methods—sales comparison, cost, income—to assess properties, depending on the type of property. Agricultural land valuation is based on land productivity. The assessor uses whatever approach provides the best estimate of market value, which may then be modified according to formulas to arrive at an assessed value. |
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