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Tom has defaulted on his mortgage with Bank. The current payoff of that loan is $200,000. The fair market value of Tom's house is $230,000.

Tom has defaulted on his mortgage with Bank. The current payoff of that loan is $200,000. The fair market value of Tom's house is $230,000. At the foreclosure auction, Bank is the only bidder. Briefly discuss/compare Bank's options if the house is in a state that follows: Fair Value Legislation, or Purchase Money Mortgage

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