By Jon Bruce
This paintings provides an intensive evaluate of the legislation of genuine property finance. It covers introductory concerns, the loan marketplace, actual property financing units, the underlying legal responsibility, mortgaged estate, and move of either the mortgagor's curiosity and the mortgagee's curiosity. additionally, the quantity treats rights and tasks after default and ahead of foreclosures, priorities, foreclosures, and financing cooperatives and condominiums. The textual content additionally addresses reform. felony ideas are acknowledged in addition to their underlying theories to reinforce figuring out of the legislation of actual property finance.
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Where this type of foreclosure is available, lenders frequently employ a special 8kind of mortgage known as a deed of trust. The deed of trust provides that a trustee will conduct the foreclosure sale outside the judicial system. See Ch. 3, pp. 54–55 (treating deed of trust). ŠŠŠSTATUTORY REDEMPTION Statutes in numerous jurisdictions give the mortgagor an opportunity to redeem the mortgaged property even after the mortgagor’s equity of redemption has been foreclosed. This right, referred to as statutory redemption, exists in about one-half of the states.
MORTGAGE LOAN CONTRACT Mortgage loan contracts have been a source of litigation. Two areas are particularly controversial: nonrefundable commitment fees and the borrower’s remedy for breach. ŠŠŠNonrefundable Commitment Fees The commitment fee issue arises when a borrower decides not to go through with the loan and then demands return of the “nonrefundable” commitment fee on the ground the lender has done nothing to earn it. Courts have consistently rejected this contention and held that the lender is entitled to the commitment fee either as liquidated damages for breach of contract or as compensation for keeping money available for loan to the borrower.
COPYRIGHT © 1979, 1985, 1991 WEST PUBLISHING CO. � West, a Thomson business, 1997, 2004 � 2009 Thomson/Reuters 610 Opperman Drive St. Paul, MN 55123 1–800–313–9378 Printed in the United States of America ISBN: 978–0–314–18354–5 III To my wife Barbara Edmonson Bruce * V PREFACE _________ This book is a concise textual treatment of the law of real estate finance. It is designed primarily to help law students negotiate a law school course on the subject. Other members of the legal community may use this work as a general reference and starting point for research.