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1 December, 16:00

Davis defaulted on his mortgage and the lender began foreclosure proceedings. At the foreclosure sale Davis's house was sold for $115,000 while the unpaid balance of the loan was $121,000. What can the lender do about the $6,000 difference?

a. Sue for specific performance

b. Sue for injunctive relief

c. Sue for monetary damages

d. Sue for a deficiency judgment

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  1. 1 December, 16:09
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    The lender can present a sue for deficiency judgement. The correct option to answer your question is "option a - Sue for a deficiency judgement"

    Explanation:

    A sue for a deficiency judgment in real estate means an unsafe money judgment against a borrower, in this case, is Davis whom mortgage foreclosure sale did not cover the complete balance of the loan.
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