A homeowner defaults on the mortgage. The homeowner owes the lender $200,000. The home is

Question: A homeowner defaults on the mortgage. The homeowner owes the lender $200,000. The home is sold at public auction and the sale produces $240,000. Where does the surplus amount of the balance due on the promissory note go? (a) To the mortgagor (b) To the mortgagee (c) Toward a deficiency judgment (d) To reimburseA homeowner defaults on the mortgage. The homeowner owes the lender $200,000. The home is sold at public auction and the sale produces $240,000. Where does the surplus amount of the balance due on the promissory note go?
(a) To the mortgagor (b) To the mortgagee (c) Toward a deficiency judgment (d) To reimburse the Real Estate Recovery Fund