A trustee's sale has been completed on a property in Great Falls, Montana after the borrower defaulted on a deed of trust. The borrower now wants to reclaim the property by paying the full sale price plus costs. Under Montana's non-judicial foreclosure law, which statement is correct?
Correct Answer
A) The borrower has no statutory right to redeem the property after the trustee's sale is completed.
Montana's Montana Trust Indenture Act (MCA Title 71, Chapter 1, Part 3) governs non-judicial foreclosure of deeds of trust. Once the trustee's sale is completed, there is NO statutory post-sale redemption period. The borrower's only opportunity to save the property was to exercise the right of reinstatement before the sale date. This is a key distinction from judicial mortgage foreclosures in other states that may provide a post-sale redemption period.
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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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