Asked by Brian Triger on Jun 16, 2024
Verified
Zack buys a house from Steven,agreeing to assume the outstanding mortgage on the property held by Big Bank.Zack fails to make the mortgage payment.Which of the following statements is true?
A) Zack can sue Steven for the mortgage payments.
B) Steven is primarily liable for the mortgage.
C) Big Bank has a cause of action against Steven only.
D) If Big Bank sues Steven,Steven has an action against Zack for breach of contract.
Outstanding Mortgage
The remaining balance of a mortgage that is still owed by the borrower to the lender.
Mortgage Payment
Periodic payments made by a borrower to a lender, typically comprising both principal and interest, for the repayment of a mortgage loan.
Cause of Action
A set of facts sufficient to justify a right to sue to obtain money, property, or the enforcement of a right against another party.
- Define and clarify the positions and rights of entities within apportioned and deputed accords.
Verified Answer
Learning Objectives
- Define and clarify the positions and rights of entities within apportioned and deputed accords.
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