Explain all the steps that a lender must take to initiate a foreclosure once the borrower defaults.

Questions:
1. Explain what is hypothecation ? What are negotiable instruments, give one or two examples ? What is a promissory note ?
2. Name the three parties to a Deed of Trust. Describe each party (who are they)? List the six requirements for a valid Deed of Trust (Trust Deed).

3. Explain all the steps that a lender must take to initiate a foreclosure once the borrower defaults.

4. Describe the advantages and disadvantages of the Trust Deed (versus a mortgage).

5 Name and Explain at least four (4) typical “Clauses” used in real estate loans.

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