The bank sells John's house at an auction. Unfortunately the selling price is less than what he still owes on the house, so John is forced to pay the difference through a _____.repossessionforeclosure collateraldeficiency judgment
Question
The bank sells John's house at an auction. Unfortunately the selling price is less than what he still owes on the house, so John is forced to pay the difference through a _____.repossessionforeclosure collateraldeficiency judgment
Solution
In this scenario, John's house is sold at an auction by the bank. However, the selling price of the house is lower than the amount he still owes on it. As a result, John is required to make up the difference through a process known as a "deficiency judgment."
Similar Questions
If the seller resells, he may also recover Blank______ damages, but the seller must give the buyer Blank______ for any expenses that the seller saved because of the buyer’s breach of contract.Multiple choice question.consequential; discountintentional; creditincidental; creditconplementary; discount
Fill in the Blank QuestionFill in the blank question.When a small business owner borrows money from a bank, they will repay the original principal amount plus . (Enter one word in the blank)
4. LIEN : CLAIMA. Brief : investigationB. Foreclosure : pleadingC. Subpoena : commandD. Mortgage : interestE. Garnishment : presumption
LIEN : CLAIMA. Brief : investigationB. Foreclosure : pleadingC. Subpoena : commandD. Mortgage : interestE. Garnishment : presumption
The Clarks borrowed $175,000 from a lender to purchase a townhouse. This is an example of _____.A.a mortgageB.revolving creditC.a line of creditD.collateralSUBMITarrow_backPREVIOUS
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.