Foreclosure

Short Sale

Deed-in-Lieu of Foreclosure

Lis Pendens

A sale of a property for less than the amount owed on the mortgage

A sale of a property to a new owner who assumes the existing mortgage

A sale of a property by the lender after a foreclosure

A sale of a property by the borrower to avoid foreclosure

The borrower can avoid foreclosure

The borrower can get out of debt

The borrower can improve their credit score

All of the above

The borrower may have to pay a deficiency judgment

The borrower may have to pay taxes on the forgiven debt

The borrower may have difficulty getting a new mortgage

All of the above

The lender can avoid the costs of foreclosure

The lender can get rid of a non-performing loan

The lender can recoup some of the money owed on the mortgage

All of the above

The lender may not get the full amount owed on the mortgage

The lender may have to pay closing costs

The lender may have to wait a long time to sell the property

All of the above

A deed that is given to the lender by the borrower in lieu of foreclosure

A deed that is given to the borrower by the lender after a foreclosure

A deed that is given to a third party by the borrower and the lender

None of the above

The borrower can avoid foreclosure

The borrower can get out of debt

The borrower can improve their credit score

All of the above

The borrower may have to pay a deficiency judgment

The borrower may have to pay taxes on the forgiven debt

The borrower may have difficulty getting a new mortgage

All of the above

The lender can avoid the costs of foreclosure

The lender can get rid of a non-performing loan

The lender can recoup some of the money owed on the mortgage

All of the above

The lender may not get the full amount owed on the mortgage

The lender may have to pay closing costs

The lender may have to wait a long time to sell the property

All of the above

A notice that is filed with the court to indicate that a lawsuit has been filed

A notice that is filed with the recorder's office to indicate that a property is being foreclosed on

A notice that is filed with the lender to indicate that the borrower is in default

None of the above

To give notice to potential buyers that the property is being foreclosed on

To give notice to potential buyers that the property is being sold in a short sale

To give notice to potential buyers that the property is being sold in a deed-in-lieu of foreclosure

To give notice to potential buyers that the property is being sold in a bankruptcy sale

Until the foreclosure sale is completed

Until the short sale is completed

Until the deed-in-lieu of foreclosure is recorded

Until the bankruptcy sale is completed

The property cannot be sold or transferred

The property cannot be refinanced

The property cannot be rented

All of the above