Fran Martin obtains a non-recourse mortgage loan for $500,000. One year later, when the outstanding balance of
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Fran Martin obtains a non-recourse mortgage loan for $500,000. One year later, when the outstanding balance of the mortgage is $490,000, Martin cannot make his mortgage payments and defaults on the loan. The lender forecloses on the loan and sells the house for $315,000. What amount is the lender entitled to claim from Martin?
A. $0.
B. $175,000.
C. $185,000.
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