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Wesley Buys a House for $1,000,000

Question 20

Multiple Choice

Wesley buys a house for $1,000,000.He puts $400,000 down,and borrows $600,000 from a bank against the property as collateral.When Wesley defaults,the bank decides to foreclose the property.However,the property depreciated significantly and it is worth is only $500,000 now.The bank brings a legal action against Wesley to claim the $100,000 shortage.Which of the following court doctrines can help the bank recover the shortage from Wesley?


A) right of redemption
B) lien release
C) deficiency judgment
D) summary judgment

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