A bank took immediate possession of real property for the non payment of a mortgage installment on its due date.It is taking steps to have the property sold.The bank is aware that,due to poor market conditions,the amount of the mortgage is higher than the value of the property.What are the most likely legal matters that will come before the courts?
A) distress and equity redemption
B) default and deficiency
C) foreclosure and deficiency
D) foreclosure and court supervised sale

Question

Quizplus · Accepted Answer

Foreclosure occurs when a borrower fails to pay their mortgage payments, and the lender seeks to seize the property. Deficiency refers to the situation where the sale of the foreclosed property does not cover the outstanding mortgage balance, and the lender may seek the remaining amount from the borrower.

A Bank Took Immediate Possession of Real Property for the Non