State’s statute(s)
Instructions
Building upon the previous written assignment, contractual agreements also provide methods for securing and retaining property. There are various methods in securing and retaining ownership of property or a right to ownership of the subject property. When a party fails to maintain his or her obligation under the contractual agreement, the subject property is subjected to foreclosure. This is facilitated through concepts such as title and lien theories. Each state has its own theory on this issue, which is described as using judicial foreclosure or non-judicial foreclosure.
Outside of foreclosures, a buyer typically will purchase the property via various real estate finance options. In terms of real estate financing, there are multiple methods. These methods range from conventional mortgages, to government-insured loans to seller financing options. In this essay assignment, you will also explore these aspects as well.
Instructions
(1) Research and provide your state’s statute(s) on the foreclosure process. You might start by reviewing this article, You might also review the following source:http://www.foreclosurelaw.org/index.htm. With a better understanding, you can then turn to Westlaw in the University Library to finalize your research.
Foreclosurelaw.com. United States foreclosure laws. (n.d.). Retrieved from http://www.foreclosurelaw.org/index.htm
(2) Answer and respond to the following in short essay format, of roughly 2 pages in length:
A. Explain the connection between judicial and non-judicial foreclosure and title and lien theory. Describe the difference between the two theories. What are the advantages and disadvantages of each theory?
B. Is your jurisdiction a lien theory or title theory state and how does the foreclosure process apply in this context?
C. Explain the differences between FHA and VA loans, including qualifications, eligibility, and other important factors.
D. Choose four (4) types of mortgages from the following list and compare and contrast these types of mortgages.
• Wraparound
• Blanket
• Balloon
• Junior
• Term
• Growing Equity (GEM)
• Adjustable Rate (ARM) or Variable Rate
• Open-End
• Amortizing
• Participation
(3) Cite all sources of information utilized.
(4) The viewpoint and purpose of this essay should be clearly established and sustained. Assignment should follow the conventions of Standard English (correct grammar, punctuation, etc.). Your writing should be well ordered, logical and unified, as well as original and insightful. Your work should display superior content, organization, style, and mechanics. Use the appropriate citation style for all citations.
Sample Solution
When you sign a mortgage or deed of trust as part of a home loan transaction, this document gives the loan owner the right to sell the property through a process called ” foreclosure” if you fail to make the payments. The proceeds from the sale go towards repaying the loan.Your foreclosure will be governed, in large part, by state law. In the chart below, you can learn about some key aspects of foreclosure law in each of the 50 states, plus the District of Columbia. For each state (and D.C.), the foreclosure chart will provide the following information:
