In Case a Borrower Defaults on a Mortgage, the Mortgagee

question 406

True/False

In case a borrower defaults on a mortgage, the mortgagee has an absolute right to dispose of the property in any manner desired.

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Definitions:

Agency Relationships

A legal and fiduciary relationship between two parties, where one party, the agent, is authorized to act on behalf of another, the principal, in business transactions.

Employer-Employee

A legal and professional relationship between a person who hires others to perform specific tasks and those who are hired.

Sole Proprietorship

An organizational model in which a sole proprietor is in charge of owning, operating, and bearing all responsibilities for the enterprise.

Articles Of Incorporation

Legal documents filed with the state government to legally document the creation of a corporation.