Essay
Pam sells to Rob property which has a $50,000 mortgage in favor of First Bank. Rob purchases the property subject to the mortgage. The value of the property declines and there is a default on the mortgage. When First Bank forecloses, the property sells for only $30,000.
a. Can First Bank recover the $20,000 balance from Rob? Explain.
b. Can First Bank recover the $20,000 from Pam? Explain.
Correct Answer:
Verified
a.
No, Rob purchased the property "subj...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
No, Rob purchased the property "subj...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q70: Latosha grants a quitclaim deed to some
Q71: When a contract involving the sale of
Q72: An uncommon but possible way to obtain
Q73: Anders Builders builds and sells new residences.
Q74: Someone who expressly assumes a mortgage is
Q76: If Russell's mortgage debt is greater than
Q77: LeBraun is seeking a variable rate mortgage
Q78: The usual method of enforcing a restrictive
Q79: One common type of restrictive covenant restricts
Q80: A deed of trust is almost identical