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MRT 2 · Selling Seized Property
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Selling Seized Property
The lender’s duty on selling, what happens to surplus and shortfall, and the borrower’s ongoing liability.
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Key points
Question 3
Which term matches: "any amount above the outstanding mortgage after costs goes to borrower (or second charge lender if applicable)"
Question 4
What does "Shortfall" mean?
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What the exam tests
The lender’s duty on selling, what happens to surplus and shortfall, and the borrower’s ongoing liability.
Question 6
True or false?
The lender’s duty on selling, what happens to surplus and shortfall, and the borrower’s ongoing liability