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Mark for follow up Question 31 of 75. Jason's bank foreclosed on his office building when he stopped making loan payments. The loan was secured
Mark for follow up Question 31 of 75. Jason's bank foreclosed on his office building when he stopped making loan payments. The loan was secured by the building when he purchased it three years ago for $650,000. Jason's Form 1099-A indicated that the debt at the time of foreclosure was $620,000 and the fair market value (FMV) of the building was $660,000. Additionally, box 5 was checked. If the building is sold for the FMV, how much of Jason's personal assets can the bank attempt to collect to satisfy the judgment? $40,000 $30,000 $10,000 $0 Mark for follow up Question 32 of 75. udicial foreclosure process EXCEPT www.vvv ang the fair market value (FMV) of the building was $660,000. Additionally, box 5 was V rorm 1099-A indicated that the debt at the time of checked. If the building is sold for the FMV, how much of Jason's personal assets can the bank attempt to collect to satisfy the judgment? $40,000 $30,000 $10,000 $0 Mark for follow up OOOO Question 32 of 75. All of the following are steps in the judicial foreclosure process EXCEPT The court issues a decree of judgment. A notice of sale is published where the property is located A preliminary title search is conducted. The court issues a deficiency ruling if the proceeds from the sale were more than the amount of the mortgage Mark for follow up
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