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In one state, a lender holds a lien on real property offered as collateral for a loan. The borrower retains both legal and equitable title to real property. If the borrower defaults on the loan, the lender
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In one state, a lender holds a lien on real property offered as collateral for a loan. The borrower retains both legal and equitable title to real property. If the borrower defaults on the loan, the lender must go through formal foreclosure proceedings to recover the debt. This state can be BEST characterized as what kind of state?

User Ryan McDonough
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Answer:

LIEN THEORY

Step-by-step explanation:

Based on the scenario being described it can be said that this state is a lien theory state, in which the court is enlisted to order and oversee the foreclosure procedure. In such a state, the buyer/borrower holds the deed to the real estate property until the mortgage expires and promises to make the mortgage payments that were previously agreed upon in the financial agreement.

User Dragontree
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