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Charles Criger
on Dec 18, 2024

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Bondi gave a mortgage to Dante on a parcel of land (located in Ontario), which he owned. Bondi later sold the mortgaged land to Green. Green, some time later, sold the land to Jones. Jones defaulted on payment of the mortgage. If Dante forecloses on the land, and later sells it for less than the amount of the mortgage, he may then take action against Jones for the deficiency.

Forecloses

The legal process by which a lender takes possession of a property when the borrower fails to keep up with mortgage payments.

Deficiency

The lack or shortage of something, typically a necessary quantity or quality.

  • Gain insight into the methodologies and results of mortgage delinquency, highlighting foreclosure and potential solutions for mortgage holders.
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Matthew HoltzclawDec 22, 2024
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