Examlex
Match the person or term with the with the correct description.
-Dumbarton Oaks
Secured Creditor
A lender who is given a specific asset as collateral for a loan, providing them with the right to claim said asset if the borrower defaults.
Sale Proceedings
The process and actions taken to complete the sale of assets, including the distribution of the proceeds from the sale.
Foreclosure
The legal process by which a lender seizes and sells a property after the borrower fails to meet repayment obligations.
Deficiency
In real estate, the difference between the amount owed on a mortgage and the selling price of the property, if the property is sold in a foreclosure sale for less than the balance owed.
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