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Source Liquidated Damages Complete Contracts and UCC Article 2 List Showing the closest available flashcard practice.

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0 tracked cards Real Property

After default, Borrower gives Senior Lender a deed in lieu of foreclosure. A junior mortgage remains of record, and the junior mortgagee did not consent.
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A deed in lieu automatically creates a new mortgage in favor of every junior lienholder. A deed in lieu generally transfers the mortgagor's interest to the mortgagee but does not automatically extinguish junior liens unless junior lienholders agree or other law applies. A deed in lieu is impossible because all defaults require judicial foreclosure. A deed in lieu of foreclosure automatically wipes out all junior liens on the property.

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