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Nevertheless, in an illiquid real estate market or if real estate prices drop, the property being foreclosed could be sold for less than the remaining balance on the primary mortgage loan, and there may be no insurance to cover the loss. In this case, the court overseeing the foreclosure process may enter a deficiency judgment against the ...
Fore or forward: at or toward the front of a ship or further ahead of a location (opposite of "aft") [1] Preposition form is "before", e.g. "the mainmast is before the mizzenmast". Inboard: attached inside the ship. [14] Keel: the bottom structure of a ship's hull. [15] Leeward: side or direction away from the wind (opposite of "windward"). [16]
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
Fore-and-aft rigs include: Rigs with one mast: the proa, the catboat, the sloop, the cutter; Rigs with two masts: the ketch, the yawl; Rigs with two or more masts: the schooner; Barques and barquentines are partially square rigged and partially fore-and-aft rigged. A rig which combines both on a foremast is known as a hermaphroditic rig.
Under common law, this type of deed technically created a use in the buyer who then gets the title. [3] Under the statute of uses, modern real property law disregards this subtle distinction. [citation needed] A bargain and sale deed is especially used by local governments, fiduciaries such as executors, and in foreclosure sales by sheriffs and ...
This is a list of abbreviations used in law and legal documents. It is common practice in legal documents to cite other publications by using standard abbreviations for the title of each source. Abbreviations may also be found for common words or legal phrases.
Ken H. Johnson, a real estate economist at Florida Atlantic University and a former real estate broker, says the new rules just add another layer of complexity to an already-confusing process.
As of 2014, the Restatement's failure to address basic doctrines like adverse possession and real estate transfers had never been corrected over 75 years, three Restatements series, and 17 volumes. [2] In the 1970s, the Uniform Law Commission's project to standardize state real property law was a spectacular failure. [3] [4] [5]