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: Seller Dayne must have a mortgage agreement with the lender. A mortgage is a type of loan that is specifically used to purchase real estate. In this financial agreement, the borrower (Seller Dayne) agrees to pay back the borrowed money over a period of time, typically in monthly installments that include both principal and interest payments.

When a borrower is unable to meet the terms outlined in the mortgage agreement, like failing to make payments, the lender (often a bank or financial institution) has the right to initiate a foreclosure process. Foreclosure is the legal process through which the lender attempts to recover the balance of a loan from a borrower who has stopped making payments by forcing the sale of the asset used as the collateral for the loan, which in this case is the property.

In summary, the type of financial agreement that Seller Dayne has with the lender is likely a mortgage, and because Dayne is not meeting the payment requirements, the lender is looking to foreclose on the property to recoup the remaining loan balance.