Question

Seller Dayne was made aware by the trustee that the lender was wanting to proceed with foreclosure on his property. What type of financial agreement does Seller Dayne have with this lender

Answer 1

Seller Dayne has a financial agreement with the lender, possibly a loan or mortgage, and may be facing foreclosure due to defaulting on the agreement.

Step-by-step explanation:

Seller Dayne has a financial agreement with the lender in the form of a loan or mortgage. This means that Seller Dayne borrowed money from the lender to purchase the property and agreed to pay it back over a certain period of time, along with interest. When the trustee informed Seller Dayne about the lender's intention to proceed with foreclosure, it indicates that Seller Dayne may have defaulted on the terms of the financial agreement.

Answer 2

Promissory agreement and Deed of trust.

Step-by-step explanation:

In this scenario, Seller Dayne was made aware by the trustee that the lender was wanting to proceed with foreclosure on his property. The type of financial agreement that Seller Dayne have with this lender is a Promissory agreement and Deed of trust.

A promissory agreement can be defined as an evidence of a debt and as such involves the use of a legal financial tool such as a promissory note as a written promise to declare that a party (borrower) would pay another (lender) at a specific period of time.

On the other hand, a deed of trust can be defined as a legal document used by a party (borrower) to pledge his or her property to another party (lender) as guarantee or collateral for the repayment of a loan. The deed of trust is typically made up of three (3) parties; the lender, borrower and a trustee.

Additionally, a foreclosure on a property refers to a legal procedure whereby the property being pledged by a borrower for a debt is sold to pay off the debt as a result of defaulting in payments or terms with respect to a loan.