Examlex
Which of the following is TRUE?
Foreclosure
The legal process by which a lender takes control of a property when the borrower fails to make mortgage payments.
Lienholder
A person or entity that has a legal right or claim on another's property until a debt or duty owed by the property owner is satisfied.
Security Interest
A legal claim or lien on collateral that secures the performance of an obligation, typically repayment of a debt.
Accommodation Surety
A guarantor who agrees to be responsible for someone else's debt or obligation without receiving any benefit.
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