Shirley borrows $200,000 from Ridgetop Credit Union to buy a home, which secures the loan. Three years

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Shirley borrows $200,000 from Ridgetop Credit Union to buy a home, which secures the loan. Three years into the term, she stops making payments on it. Ridgetop repossesses and auctions off the property to Toby.

The sale proceeds are not enough to cover the unpaid amount of the loan. In most states, Ridgetop can ask a court for

a. a deficiency judgment.

b. an equitable right of redemption.

c. a short sale.

d. nothing.

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Business Law Text And Exercises

ISBN: 9780357717417

10th Edition

Authors: Roger LeRoy Miller, William E. Hollowell

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Question Posted: Feb 26, 2024 08:56 AM

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Shirley borrows $200,000 from Ridgetop Credit Union to buy a home, which secures the loan. Three years

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The correct answer is a a deficiency judgment When the proceeds fr...View the full answer

Business Law Text And Exercises

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