#2769 If a borrower is facing nonjudicial foreclosure the borrower is entitled to the right of being able to cure the default on the loan by paying off the delinquincy and reinstating the loan before the trustee's sale is held. This right is known as the equitable right of redemption. Is this fact true or false ? Please take your time. The solution is posted below the wildlife photo. A. False & True The equitable right of redemption is reserved for the borrower in a judicial foreclosure, not a nonjudicial foreclosure. The borrower may however cure the loan before the nonjudicial sale and this is known as the right of reinstatement before the sale. In a nonjudicial foreclosure the property is usually not allowed any post-sale redemption options. Consult with a legal professional for more... 06/19/2014

#2768 When a mortgagee gives a mortgagor a document that declares that the debt has been paid in full this document is commonly referred to as a deed of complete release and revision. Is this malarky true or false ? Please take your time on this tough question. The solution is posted below the wildlife photo.   A. False (wasn't that tough ?) The document the mortgagee gives to the mortgagor when the debt has been satisfied and completely paid in full is known as a satisfaction of mortgage document or a certificate or discharge of mortgage. It may also be referred to as a mortgage release document. 06/19/2014

#2767 When a foreclosure sale is held following judicial foreclosure an execution or Sheriff's sale is held. Once the sale has been completed and the foreclosed property sold the former owner or the mortgagor has a certain or specified period of time in which to redeem the property from foreclosure. This period of time is commonly referred to as the statutory right of redemption period. Is this true or false.? Please take your time. The solution is posted below the wildlife photo. A. True A statutory redemption period is the period of time which immediately follows the foreclosure sale which will provide the borrower with the right to redeem the property from foreclosure by paying the entire balance of the debt plus any interests or costs associated with the redemption. 06/19/2014

 #2766 Anytime a buyer works out an arrangement that will allow the seller to assume the mortgage rather than a traditional lender this type of arrangement is known as a partnership. Is this true or false ? Take your time. The solution is posted below the wildlife photo. A. False The type of arrangement that allows the seller to assume the mortgage for the buyer rather than a traditional lender is known as a purchase money mortgage. The seller is extending credit to the buyer in this type of mortgage arrangement. The seller has the option of accepting a mortgage or a deed of trust instead of cash at closing. Another name for this type of loan is a takeback or a carryback loan, 06/19/2014

#2765 When we talk about a budget mortgage we're talking about a mortgage that allows for the greatest discount level possible given the size of the loan and other variables. Is this true or false ? Take your time. The solution is posted below the wildlife photo. A. False A budget mortgage is a type of mortgage that not only contains the principal and interest payments but also includes the taxes and insurance on the property as well. How about that ? 06/18/2014

   #2764 A developer has seven parcels of land and found out that he needs some more money to finish the project. In order to secure a loan and the additional resources needed to finish the project the developer offers all seven parcels of land as collateral for the loan. This type of loan secured by more than one parcel of land is commonly referred to as a wraparound loan. Is this fact true or false ? Take your time. The solution is nposted below the wildlife photo. A. False When a mortgage is secured by more than one parcel of land and more than one parcel of land is neing used as collateral this type of loan arrangement is known as a blanket mortgage. A blanket mortgage is commonly known as a type of mortgage which will encompass more than one parcel of land. 06/18/2014

#2763 If a provision is included in a mortgage that will permit the lender to declare an entire loan balance due and payable if the property is sold this provision is commonly referred to as a prepayment penalty. Is this true or false ? Take your time. The solution is posted below the wildlife photo. A. False The provision in the mortgage is known as an alienation clause. This is a clause in the mortgage that will give the lender the right to accelerate the loan if the borrower on the mortgage sells or transfers the property without securing the approval of the lender before doing so. 06/18/2014

   #2762 If there is a provision in a mortgage that allows the lender to declare the entire loan balance due upon default of the loan by the borrower this provision is known as an exculpatory clause. Is this true or false ? Take your time. The solution is posted below the wildlife photo.   A. False The clause described in the question is known as an acceleration clause and it will allow the lender to declare the entire balance of a debt due and payable instantly if the borrower defaults on the loan. An exculpatory clause is a clause written into a contract that will relieve a party to the contract of default or problems if particular problems or defaults arise that are addressed in the contract. It must be noted exculpatory clauses are not always enforceable. 06/18/2014

  #2761 When one is considering an installment note they also have to consider the fact that only the interest is being paid if this type of note has been assumed by the buyer. Is this true or false ? Take your time. The solution is posted below the wildlife photo. A. False Installment notes include principal and interest and are periodically paid 06/18/2014

Mortgage Fraud Blog sends me an update email once per week.     And I'll pass it on to you so you can see who the criminals are in the real estate business and the crimes they commit.   Some of them have been, and still are, ActiveRain Members.   The Mortgage Fraud Blog website is updated every business day and you can always get the latest news by visiting   www.mortgagefraudblog.com. Rachel Dollar is a California attorney who represents lenders in mortgage related litigation. She is a shareholder at Smith Dollar PC. Ms. Dollar is a nationally recognized speaker, is licensed to practice law in California and maintains offices in Santa Rosa, California. Mortgage Fraud Blog is sponsored by Smith Dollar PC and Rachel Dollar Risk Management, Inc. Mortgage Fraud Blog | Mortgages and fraud ... 06/18/2014

Try this one: What is the gross yearly income of a property that has six apartments, two apartments paying a monthly rental of $550 each, two apartments paying a monthly rental of $750 each, and two apartments paying a monthly rental of $900 a month each ? Remember to add...take your time...the answer is posted below the wildlife photo and the comment feature has been disabled to prevent your work to find a solution from being spoiled for you. $52,800 Add 550 plus 750 plus 9 and you get $2200. Double that figure (2 times $2200) because there are two apartments rented at each of the three price levels, and you get $4400. Multiply $4400 times 12 months and you've got $52,800 gross yearly income. Good math review will get you over the hump. 06/16/2014

  This FBI report is about a man who owned residential construction companies that conspired with a mortgage broker and an accountant to falsify documents for the purchase of a home.     Madison Man Sentenced to Federal Prison for Role in Mortgage Fraud Scheme U.S. Attorney’s Office June 16, 2014 Western District of Wisconsin (608) 264–5158 MADISON, WI—John W. Vaudreuil, United States Attorney for the Western District of Wisconsin, announced that David E. Robert, 42, Madison, Wisconsin, was sentenced on June 12 by U.S. District Judge Barbara B. Crabb to six months in federal prison, a $1,000 fine, and two years of supervised release for his role in a mortgage fraud scheme. He was also ordered to pay $336,100 in restitution. Robert pleaded guilty to the charge on April 3, 2014. Robert w... 06/16/2014

                                   Welcome all to the Great State of Tennessee ! Consider visiting my home state this summer.   Here are some facts & trivia about my beautiful state for you:   Tennessee Facts & Trivia     The city of Kingston served as Tennessee's state capital for one day (September 21, 1807) as a result of treaties negotiated with the Cherokee Indians. The two-hour legislative session passed two resolutions and adjourned back to Knoxville.   Andrew Johnson held every elective office at the local, state, and federal level, including President of the United States. He was elected alderman, mayor, state representative, and state senator from Greeneville. He served as governor and military governor of Tennessee and United States congressman, senator, and vice president, b... 06/16/2014

real estate fraud: Man Sentenced to 27 Months in Prison for Defrauding Relatives of $244K - 06/16/14 10:23 AM Here's an interesting case from the FBI about a 30 year old man who swindled his relatives. He lied to them about his intentions to invest their money in real estate. He also used the personal information of one of his victims to open a credit card acoount and then ran up a $26,000 tab without authorization. Now he'll have a couple of years behind prison walls to think about what he did. Richmond Man Sentenced to 27 Months in Prison for Defrauding Relatives of $244,000 SAN FRANCISCO—On June 11, 2014, Marvin Solis was sentenced to 27 months in … (0 comments) real estate fraud: Woman Arrested for Embezzlement of Funds from Local Company - 06/13/14 12:17 PM Palmetto Woman Arrested... 06/16/2014

Here's an interesting case from the FBI about a 30 year old man who swindled his relatives. He lied to them about his intentions to invest their money in real estate. He also used the personal information of one of his victims to open a credit card acoount and then ran up a $26,000 tab without authorization. Now he'll have a couple of years behind prison walls to think about what he did. Richmond Man Sentenced to 27 Months in Prison for Defrauding Relatives of $244,000 U.S. Attorney’s Office June 13, 2014 Northern District of California (415) 436-7200 SAN FRANCISCO—On June 11, 2014, Marvin Solis was sentenced to 27 months in prison and ordered to pay restitution for an investment fraud scheme he perpetrated against his relatives, announced U.S. Attorney Melinda Haag, Office of the Speci... 06/16/2014

   #2760 When funds are sought for single family mortgage loans those funds are usually provided by secured collateral in the form of treasury notes or existing equity in residential  or commercial property. Is this true or false ? Take your time. The solution is posted below the wildlife photo. A. False Funds for mortgage loans for single-family residences comes from the primary mortgage market and includes savings deposits and deposits in savings and loan associations and from Fannie Mae, which is the secondary mortgage market which obtains capital from investors who invest in pools of mortgages. The capital from the investment pools flows back into the primary mortgage market so the banks will have more money to lend in the primary market. 06/16/2014

   #2759 If the Federal Reserve Board buys government securities from investment securities groups on the open market the supply of available money will decrease. Is this fact true or false ? Take your time. The solution is posted below the wildlife photo. A. False The supply of available money will increase. The most important way the Fed can control the supply of money is through open market operations through buying and selling government securities. Whenever the Fed takes steps to purchase securities from the investment community the supply of money tends to increase because the money the Fed pays for the securities ends up circulating to pay for other goods and services. When the Fed turns around and sells government securities the money used to pay for the securities is removed fr... 06/16/2014

#2758 Whenever you see borrowing activity slowing and interest rates falling the banks are facing a period of slowdown that causes them to lend less. Is this true or false ? Take your time. The solution is posted below the wildlife photo. A. False When interest rates start to fall banks start lending money because of the lower cost of borrowing. This is especially true when the Fed lowers interest rates. 06/16/2014

  #2757 A guy is seeking a loan to buy a parcel of land. He also wants a construction loan after the land has been acquired. When the mortgage for the land is taken out the purchaser need to include a wraparound clause in the mortgage for the land. Is this fact true or false ? Take your time. The solution is posted below the wildlife photo. A. False The buyer wants a subordination clause in the mortgage for the parcel of land due to the fact that new constructiuon loans usually seek the first lien position in the order of priority in the event of a default. A wraparound clause is a type of loan clause  that allows the seller to use part of the buyer's payment to make payments on an already existing loan. A buyer takes title subject to the existing loan and doesn't assume responsiblility... 06/16/2014

  #2756 The main reason licensing is required to practice real estate is because of the fact that a substantial amount of revenue can be raised for the state and reduce the tax liability among it's citizens. Is this true or false. Take your time. The soultion is posted below the wildlife photo.   A. False Licensing is required in order to create a measure of safety for the public and attempts to insure competency and ethical conduct within the industry. 06/16/2014