If equity remains after a foreclosed property is sold,the borrower often gets to keep the difference between the sale price and the mortgage amount.

Name: If equity remains after a foreclosed property is sold,the borrower often gets to keep the difference between the sale price and the mortgage amount.
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Question

Quizplus · Accepted Answer

This is true. It is called surplus proceeds and the borrower is entitled to it if any equity remains after the sale of a foreclosed property.

If Equity Remains After a Foreclosed Property Is Sold,the Borrower