Proceeds from a Foreclosure Sale Go First to the Lender

question 62

True/False

Proceeds from a foreclosure sale go first to the lender, then to the borrower and then to the expenses of the sale.

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Definitions:

Seal

A device used to impress or mark documents as a form of authentication or to signify agreement.

Charitable Pledges

Promises or commitments to donate a specific amount of money to a charity or for a philanthropic cause.

Bankruptcy

A legal process for individuals or entities that are unable to repay their debts, allowing for a reorganization or elimination of debt under the protection of the law.

Enforceable

Capable of being imposed or carried out by legal action or authority; describes a rule, contract, or law that can be legally upheld.