Finance
A 'judicial mortgage' in Louisiana arises from:
AA voluntary loan agreement
BA court judgment recorded in the mortgage records✓ Correct
CThe purchase of property at a sheriff's sale
DAn agreement between buyer and seller
Explanation
A judicial mortgage in Louisiana arises from a money judgment that has been recorded in the mortgage records of the parish where the debtor owns property.
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Key Terms to Know
Loan-to-Value Ratio (LTV)
The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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