Crucial Exams

Multistate Bar Examination Practice Question

A homeowner takes out a mortgage on their property. Later, the homeowner sells the property to a buyer under a written agreement, in which the buyer agrees to make the remaining payments on the mortgage. However, the agreement does not explicitly state that the buyer will assume the debt. The homeowner subsequently defaults on the mortgage, and the bank forecloses, resulting in a deficiency after the foreclosure sale. The bank seeks to recover the deficiency from the parties. Who is responsible for the deficiency?

  • Neither the homeowner nor the buyer is responsible for the deficiency because the foreclosure ended the lender's claims.

  • The homeowner and the buyer are both responsible for the deficiency because the property was transferred with the debt.

  • The homeowner is responsible for the deficiency because the buyer did not assume responsibility for the loan.

  • The buyer is responsible for the deficiency because they agreed to make payments under the terms of the sale.

Multistate Bar Examination
Real Property
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