Potter bought a small building, financing the purchase with a loan from Sunrise Bank, and then opened
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Question:
Potter bought a small building, financing the purchase with a loan from Sunrise Bank, and then opened a restaurant.
Unfortunately, the restaurant hasn't done well, and Potter is now defaulting on the deed of trust.
He still owes $350,000 on the loan and is six months behind in his payments to the bank.
Sunrise is preparing to foreclose.
Due to a decline in property values, the net proceeds of the foreclosure sale are expected to be only about $300,000.
Should Sunrise pursue a judicial foreclosure or a nonjudicial foreclosure?
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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