Real Estate Math
A Kentucky property sold at foreclosure for $148,000. The outstanding mortgage was $163,000. The lender's deficiency judgment is for:
A$10,000
B$15,000✓ Correct
C$18,000
D$25,000
Explanation
Deficiency = Loan balance − Sale proceeds = $163,000 − $148,000 = $15,000. Using the values given ($148,000, $163,000), apply the appropriate formula..
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