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A homeowner obtains a non-recourse mortgage loan for $485,000. A year later, when the outstanding balance on the mortgage is $310,000, the homeowner is no
A homeowner obtains a non-recourse mortgage loan for $485,000. A year later, when the outstanding balance on the mortgage is $310,000, the homeowner is no longer able to make the mortgage payment and therefore defaults on the loan. The lender forecloses on the loan and sells the house for $242,000. What is the dollar amount that the lender is entitled to claim from the homeowner?
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