When a Clause in a Mortgage Allows the Lender to Proceed

question 34

Multiple Choice

When a clause in a mortgage allows the lender to proceed against a borrower's other assets if the foreclosure sale does not satisfy the debt, the result is called a

• A) statutory redemption.
• B) deficiency judgment.
• C) equity of redemption.
• D) foreclosure redemption.

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Definitions:

NFPA

The National Fire Protection Association, an organization that develops and publishes fire safety and prevention standards, including codes for building construction and protection systems.

Paralegal Association

An organization or group that represents the interests of paralegals, providing resources, education, and advocacy.

California

A state located on the west coast of the United States, known for its diverse geography, climate, and the entertainment industry centered in Hollywood.

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Formal education and training designed to prepare individuals for careers as paralegals, providing knowledge of legal concepts, research and writing skills.