[hmesalguero]

A mortgagor who defaults on his mortgage payments will not be successful if he attempts to

A. Assert the equitable right to redeem.

B. Redeem the property after a judicial foreclosure sale has taken place.

C. Obtain any excess resulting from a judicial foreclosure sale.

D. Contest the validity of the price received at a judicial foreclosure sale by asserting that a higher price could have been received at a later date.

The answer is D. I answered B. I dont understand why it’s D.

FAR - 76
AUD - 74,84 🙂
REG - 76
BEC - 72, 80

Roger's CPA Review

[abacus]

I am not sure about the specifics of this question, but it follows my accounting professor's advice:

“When in doubt, always choose the longest answer.”

Hoping someone chimes in with actual feedback. Good luck Thursday!

BEC 81
AUD 76
FAR 70, 76
REG 58, 78! DONE!

"I am not my intentions. I am my actions."

[Roma]

@hmesalguero,

B is not correct as a Mortgagor DOES have a statutory ‘Right of Redemption' under many state laws which allows the mortgagor one last chance to pay off the loan – after foreclosure sale – within some statutory period. I believe that the statutory period varies by state.

Regarding D, I am not certain, but I believe the key word phrase is ‘at a later date'. A court will generally disallow a sale if the sales price is artificially low at the time of sale. But ….. it will not disallow a sale based on an assumed future higher price.

Hope this helps. Good luck on REG !!!!

Using Wiley
FAR = 94 Feb 2012
BEC = 92 April 2012
AUD = 95 July 2012
REG = 91 Nov 2012

[forever4]

When your property is foreclose, you do not have the right to tell the court to not sell it because you think the price should be higher.

Also, the reason why it is D is that A,B,and C are correct!!! 🙂

FAR 5/14 88 PASSED!
REG 7/13 74 :((((((((....! I cant believe it!!!! I studied so hard...
REG retake 11/29 -> 89!!!!!!!!!!!!!!!!!!!
BEC 10/11/12 -> 84!!!!!!!!!!!!!
AUD 10/25/12 -> 95!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I'm DONE! OMG 8 months of hard work.

I SHALL PASS. BECAUSE IT'S ME, SO EVERYTHING WILL BE OK!

[monsterchiz]

“Contest the validity of the price received at a judicial foreclosure sale by asserting that a higher price could have been received at a later date.”

this is the same as contesting a failed CPA score because the candidate could get a higher score by taking the exam at a later date.

[Author]

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