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Source Landlord Duties Complete Real Property List Matched to this deck.

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A foreclosure sale produces less than the amount owed on the mortgage debt.
Which statement best describes a deficiency?

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A deficiency belongs automatically to junior lienholders as surplus. A deficiency is the amount by which the foreclosure sale price exceeds the debt. A deficiency is the amount by which the mortgage debt exceeds the foreclosure sale proceeds applied to that debt, if personal liability is available and not barred. A deficiency eliminates the mortgagee's right to foreclose.

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