Choose the one most appropriate answer for each.
-a judgment against a borrower if the sale of a mortgaged property at foreclosure does not bring enough to pay the balance owing
A)acceleration clause
B)alienation clause
C)assumption
D)chattel mortgage
E)deed of trust
F)defeasance clause
G)deficiency judgment
H)equitable mortgage
I)equity of redemption
J)first mortgage
K)foreclosure
L)junior mortgage
M)mortgage
N)mortgagor
O)partial release
P)power of sale
Q)promissory note
R)public auction
S)subject to
T)subordination

Question

Quizplus · Accepted Answer

A deficiency judgment is a legal judgment against a borrower when the sale of a mortgaged property at foreclosure does not bring enough to pay the balance owing on a mortgage.

Answer: K
 Foreclosure is the legal process by which a lender takes possession of a mortgaged property when a borrower fails to make the required payments, typically resulting in the sale of the property at public auction.

Answer: M
 A mortgage is a legal agreement in which a lender agrees to loan money to a borrower to purchase real estate, with the property itself then serving as collateral for the loan.

Answer: N
 A mortgagor is the borrower who pledges their property as collateral for a mortgage loan.

Answer: Q
 A promissory note is a written agreement in which a borrower promises to repay a loan according to specific terms, including the amount borrowed, the interest rate charged, and the repayment schedule.

Answer: R
 A public auction is a sale of property conducted by an auctioneer and open to the public, typically used for the sale of foreclosed properties.

Answer: T
 Subordination is the process of rearranging the order of priority of multiple liens on a property, typically with the goal of giving a higher priority to a specific lien.

Choose the One Most Appropriate Answer for Each