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

Question

Social Studies

Luke Bass

16 November, 02:39

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

+2

Answers (1)

Know the Answer?

Luke Forbes · Answer 1

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.