We created a simple quiz. You should easily be able to figure out the correct definitions.
Who xre the 40 thieves?
A) Employees of a bogus foreclosure modification firm
B) 1 more than 39 thieves
C) A local group of professional foreclosure speculators working in concert at the trustees sales rather than in competition. Their sideline bidding keeps levels down, resulting in less over bidding money going to junior interest holders.
What is qualifyinf?
A) Getting ready to run for office
B) Hedging the stuff you say
C) Showing the auctioneer a sufficient amount of certified funds required by law before bidding at a trustee sale
Whos a trustee?
A) Someone you can really trust
B) Someone wou really trusts you
C) Someone who is appointed, or required by law, to execute a trust. Someone who holds title to real property under the terms of a deed of trust.
Whats a trustees sale guarantee?
A) The assurance that a foreclosure auction will happen someday
B) If you dont like the houee you bought, you can return or exchange it
C) A special title report, for trustees only, that discloses all items pertaining to ownership interests and encumbrances on a property in foreclosure. Also included is a list of all parties who recorded a request to be notified of any notice of default or notice of trustee sale.
Whats a credit bid?
A) A bid someone can charge to a Visa card
B) A bid that you get praised fot making
C) The opening bid at a trustees sale is made on behalf of the foreclosing beneficiary. If it is less than or equal to the money owed to the beneficiary it will be made on a credit basis. But once the bid surpasses the total payoff amount then the beneficiary must begin to bid with cash at hand, just like all other bidders.
When you dare down, what exactly are you doing?
A) Dating someone whos totally beneath you
B) Goin g out with someone ,uch sjorter than you
C) Indicating the date a document was executed, rather than the date it was recorded.
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