The Difference Between Judicial Foreclosure and Power of Sale in the Treatment

question 13

Multiple Choice

The difference between judicial foreclosure and power of sale in the treatment of defaulted mortgages can be significant.All of the following statements regarding power of sale are true EXCEPT:

• A)The power of sale treatment is faster than judicial foreclosure
• B)The foreclosed property is typically sold through a public auction administered by the court.
• C)It is less costly for power of sale to be employed than judicial foreclosure.
• D)Typically,lenders must give proper legal notice to the borrower,advertise the sale
• Property,and allow a required passage of time before the sale.

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Definitions:

Narcolepsy

A sleep disorder characterized by excessive daytime sleepiness and sudden attacks of sleep.

Insomnia

A sleep disorder characterized by difficulty in falling asleep, staying asleep, or obtaining restorative sleep.

Night Terrors

A sleep disorder causing feelings of panic or dread typically occurring in the early night and often accompanied by screaming, flailing, and intense fear, without the individual fully waking.

Complex Concept

An idea, theory, or principle that is composed of various interconnected parts, making it difficult to comprehend entirely without thorough analysis.