Arnold purchased real estate known as Parcel A,subject to a preexisting mortgage,in favor of Local National Bank.Bridget purchased real estate known as Parcel B,assuming a preexisting mortgage on it in favor of Local National.After each purchase took place,there were defaults on the debts that gave rise to the mortgages referred to.Though Local National instituted and completed foreclosure proceedings with regard to each of the two mortgages,it did not yield enough funds to pay off the debt in full.Therefore,Local National made demands on Arnold and Bridget for payment of the deficiency owed on Parcel A and on Parcel B respectively.Explain if Local National is entitled to receive the deficiencies it seeks from Arnold and Bridget.
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q40: This is a contract device for securing
Q41: People who contract to furnish labor or
Q44: In a deed of trust transaction,when a
Q45: The provider of materials or labor is
Q45: Andy bought a bicycle on credit from
Q47: In a deed of trust transaction,when a
Q48: Describe the distinction between a surety and
Q49: Under which of the following contract devices
Q49: What is a possessory lien? Give an
Q50: Define strict foreclosure.
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents