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Raymond buys a house for $800,000. He puts $200,000 down and borrows $600,000 from a bank, which takes a mortgage on the property to secure
Raymond buys a house for $800,000. He puts $200,000 down and borrows $600,000 from a bank, which takes a mortgage on the property to secure the loan. Raymond defaults, and when the bank forecloses on the property, it is worth only $500,000. There is a deficiency of $100,000 ($600,000 loan ? $500,000 foreclosure sale price). The bank _____. Question content area bottom Part 1 A. can recover the $100,000 deficiency from Raymond's other property. B. can exercise its power of sale C. can exercise its right of redemption D. can recover $600,000 from Raymond's other property E. cannot recover the amount lost The bank _____
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