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Vignette #2 Todd has been overweight since childhood but as a college student has made a commitment to lose weight. He goes on the Atkins diet and after a few months switches to Weight Watchers. After 6 months, Todd has lost 12 pounds but is still overweight. He is discouraged he hasn't lost more weight and he goes to a fast-food restaurant and has two cheeseburgers and a milkshake. Let's see how knowledgeable you are regarding diets so you can effectively help Todd.
What mistake did Todd make when eating the cheeseburgers and shake?
Strict Foreclosure
A legal process by which the secured lender obtains the title to the mortgaged property without the sale thereof, when the borrower fails to meet the obligations.
Deficiency
The difference between the amount owed on a loan and the amount recovered from selling the asset securing the loan if the latter is less.
Mortgagor
A mortgagor is an individual or entity who borrows money to purchase property and pledges that property as security for the loan.
Mortgagee's Interest
The financial interest a lender has in the property serving as collateral for a loan until the mortgage is fully repaid.
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