| http://www.w3.org/ns/prov#value | - The loan was secured by the home and is a recourse debt, meaning John and Mary are personally liable for the debt.John and Mary became unable to make their mortgage loan payments and on March 1, 2009, when the outstanding balance of the mortgage loan was $315,000 and the FMV of the property was $290,000, the bank foreclosed on the property and simultaneously canceled the remaining mortgage debt.
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