The court orders that a foreclosing mortgagee is entitled to a court supervised sale. The land is sold, but the proceeds of sale are not enough to satisfy what is owed to the first mortgagee. The first mortgagee can sue the mortgagor for the shortfall.

Question

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This is known as a deficiency judgement, where the first mortgagee can sue the mortgagor for the difference between what is owed and the proceeds of the sale.

The Court Orders That a Foreclosing Mortgagee Is Entitled to a Court