3- The legal process by which a lender attempts to recover the amount owed on adefaulted loan by taking ownership of and selling the mortgaged property is called:A. REOB. ForeclosureC. AbundanceD. Cosmopolitan4- When a lender takes ownership of a foreclosed property when it fails to sell at theamount sought to cover the loan, this is called:A. Real estate owned propertyB. ForeclosureC. End of tenancyD. Abundance

“Since you have asked multiple questions, we will solve the one question for you. If you want any…

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

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

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter7: Property Transactions: Basis, Gain And Loss, And Nontaxable Exchanges

Section: Chapter Questions

Problem 9P

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Question

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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