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Question
Bob borrowed $200,000 from ABC Bank to purchase his residential house. A mortgage was used as the financing vehicle. Several years later Bob encountered financial difficulties. He did not pay his mortgage payments for 4 months and the bank foreclosed. At that time the remaining loan balance was $170,000. Bob had not maintained the property well, and the winning bid at the foreclosure auction sale was only $150,000. Is Bob liable for the $20,000 deficiency that has resulted (using the majority rule)?
A. No, because the property was his residence.
B. No, because there is no guarantor with secondary liability involved in this transaction.
C. Yes, because the proceeds of sale did not satisfy the remaining loan balance.
D. Yes, because there is no surety or guarantor involved in this transaction.
Answer
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