Study Guide Only: Example Only

cite all applicable laws that apply.

1. Research your state's method of foreclosure of a mortgage. Is it a judicial proceeding or a nonjudicial proceeding? What are the steps to the process from initial filing to ultimate foreclosure? Be sure to summarize the process in your own words. The process itself can be rather lengthy so attempt to summarize this process in no more than one page.
2. Research your state's law to determine if it recognizes post foreclosure redemption rights for mortgagors. If it does, what is the redemption price that must be paid? What is the period of time for redemption following a foreclosure sale? Can a right of redemption be waived prior to the foreclosure sale? Can it be waived after the foreclosure sale?
3. Research your state's law to see if any statutes have been passed that limit the rights of lenders to foreclose residential mortgages. If it does, outline the provisions of those limits.
4. Does your state have a mortgage foreclosure mediation program? If so, what happens as part of this process? Why is this process valuable?