William Marolf obtains a EUR5 million mortgage loan from Bank Nederlandse. A year later, the principal on
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William Marolf obtains a EUR5 million mortgage loan from Bank Nederlandse. A year later, the principal on the loan is EUR4 million and Marolf defaults on the loan. Bank Nederlandse forecloses, sells the property for EUR2.5 million, and is entitled to collect the EUR1.5 million shortfall from Marolf. Marolf most likely had a:
A. Bullet loan.
B. Recourse loan.
C. Non-recourse loan.
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B Recourse loan In a recourse loan the borrower is personally liable for the entire loan amount even ...View the full answer
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