225ec8c8_operty_3_Flashcards___Cram_com__rding_system__Brightline_rules
Foreclosure will terminate interests junior to the mortgage being foreclosed but will not affect senior interests. Once foreclosure of a superior claim has occurred, with the proceeds distributed appropriately, junior lienholders can no longer look to the property for satisfaction. Debtor-mortgagor is considered a necessary party and must be joined, particularly if they want a deficiency judgment. Failure to include a necessary party results in the preservation of that parties claim- their mortgage remains on the land. Foreclosure does not affect any interest senior to the mortgage being foreclosed.
effect of foreclosure on interests
Real Property 3 Flashcards - Cram.com