Assignments
What task number is used to request a "GAP" or Corrective Assignment of Mortgage?
Task 261 in ILS
How many days delinquent does a mortgage need to be to pursue a foreclosure?
120 days (90 days for Vacant Properties)
WILD CARD
You can choose to steal 400 points from one of the other teams.
Name the different state mandated Grace Letters (pre-foreclosure notices) that go out to the homeowners prior to Foreclosure.
(100 points for every state you can name)
Minnesota, New York, Connecticut, Arkansas, California, Washington, Indiana, Pennsylvania, Nevada
What home loan occurs after another mortgage (the first mortgage) exists?
Second Lien Mortgage
If we need an AOM from Caliber to NewRez, which entity will we need the POA from? (Caliber or NewRez)
Caliber
Which type of foreclosure requires a lender to go through the court system to get the property back in a process called Lis Pendens. The Lender will bring a lawsuit in court, and a judge will review the evidence submitted by both parties.
Judicial Foreclosure
This document can be executed by our Document Verification Specialist. This document is when a beneficiary removes a trustee and appoints a successor, or when a trustee resigns.
Substitution of Trustee (SOT)
What two states require a certificate of compliance for Mediation?
Oregon and Rhode Island
Name a state that has a Dual Tracking Certification document that is needed to file a foreclosure?
California, Washington, Nevada
Name the four different types of AOM's that are required to be requested through ILS?
VWH, MERS, MCM, Goldman Sachs
Name four non judicial states.
Alabama, Alaska, Arizona, California, Colorado, Georgia, Michigan
SMS Foreclosure refers a loan to what group (team) when the loan is over 7 years old?
A. Contested C. Aging
B. 3rd Party Client D. VWH
C. Aging
What is the name of the notice sent out as a state compliance for North Carolina?
NCHFA (North Carolina Housing Finance Agency) Notice
WILD CARD
You can choose to steal 400 points from one of the other teams.
If there is an Attorney in Fact Language on a document that we need to sign, what document will be needed to support the Attorney in Fact Verbiage?
Power of Attorney (POA)
Which two states have strict foreclosures?
Vermont and Connecticut
A state may have a specific statute of limitations for a foreclosure action. The statute of limitations lasts between ____ and ____ years in most states, although a few states have a longer time period.
What case involved a mortgage dispute between Andrew Riko and Bank of America (BOA). This decision clarified issues with the 90 day foreclosure notices in New York, and established a standard for compliance with the requirements of Real Property Actions and Proceedings Law (RPAPL) 1304.
Kessler Decision
This is a public notice that a legal proceeding is pending that claims an interest in real property. This document is filed in a court case and recorded in the county recorders office where the property is located. This is a Latin term that literally translates to Litigation Pending. What document is this?
Lis Pendens
True or False:
Florida must have an Assignment of Mortgage (AOM) to file the first legal action.
False
What loan type of short-term financing is used to fund an immediate application. This typically is in real estate. Unlike other loans, these loans are used to bridge the gap between your current need for capital and more long term financing.
Commercial Bridge Loans
When a borrower submits a complete loss mitigation application after the servicer has made the first foreclosure notice or filing, but more than 37 days before a foreclosure sale a certain rule applies. What rule is this?
37 Day Rule
Which state has a 45 Day Notice of Intent to Accelerate?
Maryland