Question

John and Patricia, who are married and live in Missouri own a second home in Arizona....

John and Patricia, who are married and live in Missouri own a second home in Arizona. They have defaulted on their payments and a foreclosure is imminent. What is the source of law governing the foreclosure of their second home?

a. Arizona statutes for foreclosure and redemption

b. U.S. Department of Housing and Urban Development (HUD)

c. Missouri state statutes for foreclosure and redemption

d. The Federal Reserve

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Answer #1

Option (a) is correct. Arizona statutes for foreclosure and redemption is the source of law governing the foreclosure of their second home as their second home is in Arizona. Foreclosure law rules differs by state. There is no link between an owner's two properties.

Option (b) is incorrect. U.S. Department of Housing and Urban Development (HUD) is not the source of law governing the foreclosure.

Option (c) is incorrect. Missouri state statutes for foreclosure and redemption is the source of law that govern the foreclosure in Missouri.

Option (d) is incorrect. The Federal Reserve is not the source of law governing the foreclosure.

Please up vote. Thanks!

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