What Is the Loan Clause Stating That If You Default

question 47

Multiple Choice

What is the loan clause stating that if you default on a secured loan,the lender can repossess whatever is secured,as well as bill you for the difference if that repossession does not cover what you owe?

• A)Insurance clause
• B)Default clause
• C)Recourse clause
• D)Deficiency payments clause
• E)None of the above

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Definitions:

Diverts Attention

The act of causing one's focus to shift away from a primary task or subject towards something else.

Common Ground

A shared understanding or set of beliefs between individuals or groups.

Direct Approach

A communication method that involves stating the main point or objective at the beginning of the message.

Action Step

A specific, actionable measure identified to achieve a goal or implement a strategy.