225ec8c8_operty_3_Flashcards___Cram_com__rding_system__Brightline_rules
Must foreclose by proper judicial proceeding. At foreclosure the land is sold. The sale proceeds go to satisfying the debt.  If the proceeds are less than the amount owed, bring deficiency action. If there is a surplus, junior liens paid off- in order of priority, then remainder to debtor. Each claimant being paid in full. Off the top: attorneys fees, expenses of foreclosure, any accrued interest in mortgages.
foreclosure
Real Property 3 Flashcards - Cram.com