12-17If the Value of the Property Is Insufficient to Cover

question 4

Multiple Choice

12-17.If the value of the property is insufficient to cover the amount of indebtedness in a foreclosure action the lender,in many states,has a right to a:

• A) deficiency judgment
• B) non-recourse note
• C) stay of bankruptcy
• D) hearing of deficiency

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Definitions:

Title Fees

Fees associated with the transfer of ownership of property, such as legal costs or registration fees.

Parking Lot

An area designated for the parking of vehicles.

Paving

The process of covering a surface or area with pavement, typically using materials like asphalt or concrete, to create a hard, durable surface for vehicles or foot traffic.

Demolish Old Building

The process of tearing down or destroying an outdated or dilapidated building, often to clear the site for new construction or uses.