Quiz 23: Credit and Secured Transactions
Under a Power of Sale,the Procedure for That Sale Is
Under a power of sale,the procedure for that sale is provided in the mortgage or deed of trust,and no court action is necessary.
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Some states permit a mortgagee to bring a separate legal action to recover a deficiency from the mortgagor.If the mortgagee is successful,the court will award an equitable judgment that entitles the mortgagee to recover the amount of the judgment from the mortgagor's other property.
Anti-deficiency statutes usually apply only to non-purchase money mortgages.
In terms of the right of redemption,most state laws provide that any party in interest,such as a second mortgage holder or another lienholder,may redeem the property during the redemption period.
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