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:

H+ Ions

Positively charged hydrogen atoms, also known as protons, which play a crucial role in acid-base chemistry and cellular energy production.

Atomic Number

A fundamental characteristic of elements, representing the number of protons in the nucleus of an atom, which determines the chemical properties of the element.

Protons

Positively charged particles found within the nucleus of an atom.

Electrons

Subatomic particles with a negative electric charge, found in all atoms and acting as the primary carrier of electricity in solids.