The foreclosure process can differ for deeds versus mortgages. You will conduct research to determine these differences since it is not only covered in the real estate exam, but it is important to know this process in professional practice.
Scenario: Henri and Lila own a restaurant which the government has caused to close due to widening the road in front of their establishment. Since this is the main source of their income, and has caused Lila and Henri to stop payments on their mortgage, address the following questions.
Checklist:
Explain the action that Henri and Lila should expect from the bank regarding their property.
Describe how the banks actions would differ if it was a deed of trust rather than a mortgage.