Finance
Under Hawaii mortgage law, what is a 'deficiency judgment'?
AA. A court ruling that the property has title defects
BB. A judgment against the borrower for the unpaid balance after a foreclosure sale proceeds are insufficient to pay off the loan✓ Correct
CC. A judgment declaring the mortgage invalid
DD. A lender's refusal to make a loan based on the property's condition
Explanation
If foreclosure sale proceeds don't cover the mortgage balance, the lender may sue for a deficiency judgment against the borrower for the remaining amount owed.
Related Hawaii Finance Questions
- What is 'interest rate risk' in real estate investment and how does it affect Hawaii property values?
- What is a 'mortgage banker' as distinct from a 'mortgage broker' in Hawaii?
- In Hawaii, what is the term for the process by which a lender evaluates a borrower's creditworthiness and the property's value before approving a loan?
- In a mortgage, who is the mortgagor?
- In Hawaii, a loan secured by a first lien on a 1-4 unit residential property is commonly referred to as a:
- Private Mortgage Insurance (PMI) is typically required on conventional loans when the loan-to-value ratio exceeds:
- Which federal law prohibits discrimination in the granting of credit based on race, color, national origin, sex, religion, marital status, age, or receipt of public assistance?
- In Hawaii, which type of mortgage instrument transfers legal title to the lender until the loan is repaid?
Practice More Hawaii Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Hawaii Quiz →