Chapo’s property was foreclosed on and he is facing a deficiency judgment so the lender can recover losses incurred from the foreclosure process.
A blanket lien type of lien is what the lender can levy against Chapo until the losses are paid
This is further explained below.
Generally, A blanket lien is a sort of lien that grants the right to confiscate, in the case of nonpayment, all different kinds of assets acting as collateral that is possessed by a debtor.
In conclusion, The lender has the right to seek a deficiency judgment against Chapo in order to recoup any losses that were sustained throughout the foreclosure process. Chapo's property was repossessed.
The lender has the ability to place a blanket lien, which is a sort of lien, on Chapo until the losses are paid in full.
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