Under the lien theory, the mortgagor has the right to possession of the property until there has been a foreclosure.
Correct Answer:
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Q1: A mortgage need not be in writing
Q3: The note or debt instrument should be
Q4: In a lien state, the mortgagee holds
Q5: Acceleration clauses in the note or mortgage
Q6: Penalties for late payment of mortgages are
Q7: A mortgagee who allows late payments loses
Q8: The general priority rule between recorded land
Q9: A PMSI in fixtures recorded before attachment
Q10: A mortgagee (with a properly recorded mortgage)
Q11: "Due-on-sale" clauses are valid in residential mortgage
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