3- The legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property is called: A. REO B. Foreclosure C. Abundance D. Cosmopolitan

Individual Income Taxes
43rd Edition
ISBN:9780357109731
Author:Hoffman
Publisher:Hoffman
Chapter14: Property Transactions: Determination Of Gain Or Loss And Basis Considerations
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3- The legal process by which a lender attempts to recover the amount owed on a
defaulted loan by taking ownership of and selling the mortgaged property is called:
A. REO
B. Foreclosure
C. Abundance
D. Cosmopolitan
4- When a lender takes ownership of a foreclosed property when it fails to sell at the
amount sought to cover the loan, this is called:
A. Real estate owned property
B. Foreclosure
C. End of tenancy
D. Abundance
Transcribed Image Text:3- The legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property is called: A. REO B. Foreclosure C. Abundance D. Cosmopolitan 4- When a lender takes ownership of a foreclosed property when it fails to sell at the amount sought to cover the loan, this is called: A. Real estate owned property B. Foreclosure C. End of tenancy D. Abundance
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