Vito borrows $110,000 from Watershed Bank to buy a home.If he fails to make payments on the mortgage,the bank has the right to repossess and auction off the property securing the loan.This is

Question

Quizplus · Accepted Answer

Repossessing and auctioning off the property securing the loan is the process of foreclosure, where the bank takes ownership of the property to recoup their losses from the unpaid mortgage payments.

Vito Borrows $110,000 from Watershed Bank to Buy a Home