A Maryland real estate licensee is advising a client who is facing foreclosure on a property secured by a deed of trust. Which of the following is NOT a characteristic of the non-judicial trustee's sale process in Maryland?
Correct Answer
A) The borrower has an absolute right to redeem the property after the sale is ratified
The statement that the borrower has an absolute right to redeem the property AFTER the sale is ratified is NOT a characteristic of Maryland's non-judicial trustee's sale process. Maryland does not provide a statutory post-sale right of redemption for most residential deed of trust foreclosures. Once the trustee's sale is ratified by the court, the sale is final and the borrower cannot redeem the property by paying the debt. The equity of redemption (the right to pay off the debt) exists only BEFORE the sale, not after ratification.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
In the context of foreclosure, a deed transfers ownership of the foreclosed property to the new owner, typically the buyer at a foreclosure sale.
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