Gena borrows $350,000 from Fish Island Bank to buy a home, which secures the mortgage. In the seventh year of the loan, Gena stops making payments. After the bank repossesses the property but before it is sold, Gena may buy it by paying

Question

Quizplus · Accepted Answer

Since Gena has already defaulted on the loan and the bank has repossessed the property, she would need to pay the full amount of the debt, which includes any missed payments, interest, and costs. This would be the only way for Gena to retain ownership of the property.

Gena Borrows $350,000 from Fish Island Bank to Buy a Home