Question $24$

When a borrower defaults on the payment requirements of a loan, there are several

options that the lender has at its disposal. When the lender allows the borrower with prior

agreement in the loan docs to convey the property to the lender rather than pursue a

court supervised process of terminating all the borrower's claims of ownership of the

property, this is commonly referred to as:

foreclosure.

equity right of redemption.

deed in lietit of foreclosure.

bankruptcy.