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A homebuyer borrowed money to finance her purchase of a residence. The homebuyer executed a promissory note, payable to the lender, in the amount of the loan plus interest and gave the lender a mortgage on the residence as security for repayment of the loan. Subsequently, the homebuyer sold the residence to a friend. As part of the sales agreement between the homebuyer and her friend, the friend assumed liability for payment of the note. Later, when the value of the home exceeded the outstanding obligation on the note, the lender released its mortgage interest in the home. Shortly thereafter, the loan fell into default. Can the lender successfully maintain an action against the original homebuyer for repayment of the loan?

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User JIV
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1 Answer

3 votes

Answer:

pla

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