Multiple Choice
Fact Pattern 29-2
Robin's home is in a state that has a $30,000 homestead exemption. Robin defaults on a $60,000 debt that she owes to Suburban Mortgage Company. Robin's home is sold at auction for $80,000.
-Refer to Fact Pattern 29-2. Suburban Mortgage may recover
A) $0.
B) $30,000.
C) $50,000.
D) $60,000.
Correct Answer:
Verified
Correct Answer:
Verified
Q10: A creditor can demand payment from the
Q11: Raoul is a surety for Suzie's loan
Q12: Olive borrows money from Capital Loan Company.
Q13: Foreclosure is the legal process by which
Q14: Federal law alone governs garnishment actions.
Q16: George borrows funds from Hometown Credit Union
Q17: If a homeowner defaults, or fails to
Q18: Fact Pattern 29-1<br>Petro Oil Refinery asks Quality
Q19: Liquidated debts are debts that are indefinite,
Q20: Recording a mortgage perfects the lender's security