If a Property Encumbered by a Mortgage Is Sold at a Foreclosure

question 33

True/False

If a property encumbered by a mortgage is sold at a foreclosure sale for an amount less than the value of the mortgage, the mortgagor is not obligated to pay the mortgagee the remaining balance.

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Definitions:

Social Pressure

The influence exerted by the social environment on individuals, compelling them to change their behaviors, values, or beliefs to conform to societal norms.

Individual Preferences

The personal likes or dislikes of an individual, influencing their choices and behaviors.

Theory of Reasoned Action

A theory that predicts an individual's intention to engage in a behavior at a specific time and place, based on the attitude toward the behavior and subjective norms.

Predicting Behaviour

The process of forecasting individuals' actions based on factors such as past behavior, psychological tendencies, or situational variables.