Alabama Real Estate Practice Exam

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In a strict foreclosure, the lender becomes entitled to what?

  1. Yearly interest payments

  2. Immediate ownership of the property

  3. A lien against the borrower's salary

  4. Additional collateral from the borrower

The correct answer is: Immediate ownership of the property

In a strict foreclosure, the lender becomes entitled to immediate ownership of the property. This means that the borrower forfeits all rights to the property and the lender becomes the legal owner. A is incorrect as yearly interest payments would still need to be made if the borrower is still occupying the property. C is incorrect as a lien against the borrower's salary would not give the lender full ownership of the property. D is incorrect as additional collateral from the borrower would not necessarily give the lender full ownership of the property.

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