Which of the following refers to a situation in which the creditor takes the collateral, discharges...

Which of the following refers to a situation in which the creditor takes the collateral, discharges the debtor, and has no right to seek any deficiency?

a) Exoneration

b) Blockbusting

c) Subrogation

d) Judicial sale

e)Strict foreclosure

Expert Solution

Which of the following refers to a situation in which the creditor takes the collateral, discharges the debtor, and has no right to seek any deficiency?

Answer = e)Strict foreclosure

The basis of a strict foreclosure is the lender owns the property until the borrower has paid the lender the amount of the note in full
if the borrower defaults at anytime the lender has the right to reclaim their property.

keosha answered 2 years ago

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