Which one of the following statements accurately describes a home loan modification?

The seller of indebted property reduces the sales price before the close date.
Secured property is repossessed to fulfill a loan in default.
The borrower works out an agreement with the lender reducing the loan balance.
The borrower sells property secured by a loan in default before a repossession takes place.

Solutions

Expert Solution

A loan modification relates to making changes in terms of the existing loan be it change in interest rate, tanure of repayment schedule.

So, the third statement " The borrower works out an agreement with the lender reducing the loan balance' is te correct answer.

Rest of the statements given are incorrect as in no other situations given, there is any change in the loan conditions. So, correct answer is The borrower works out an agreement with the lender reducing the loan balance'

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Which of the following statements accurately describes the outcome of assuming that markets are perfectly competitive,...

Which of the following statements accurately describes the outcome of assuming that markets are perfectly competitive, that there are no taxes, that companies and individuals can borrow at the same interest rate, that there are no costs associated with liquidation or financial difficulty, and that companies' investment policies are not affected by their financing decisions? a. As the level of leverage increases - the company's cost of capital is not affected as any advantage associated with switching from relatively expensive...

Which of the following accurately describes a hypothesis test

Which of the following statements accurately describes a net casualty loss for 2018? A taxpayer may...

Which of the following statements accurately describes a net casualty loss for 2018? A taxpayer may claim a net casualty loss for the gradual erosion of a private beach. A taxpayer may claim a net casualty loss damage to property due to the taxpayer's negligence. A net casualty loss be claimed if three loss is attributable to a federally declared disaster. A taxpayer's may claim a net casualty loss for the theft of the taxpayers boat.

Which of the following statements accurately describes Integral Leaders? Correct Answer It is built for complexity,...

Which of the following statements accurately describes Integral Leaders? Correct Answer It is built for complexity, designed for leading change within complex systems amid volatile, ambiguous, and rapidly changing environments. Correct Answer The leader is capable of working effectively with people of all types and with people at every stage of Leadership Development. Correct Answer ?The Leader has the ability to hold large conflicts, opposite visions, and redundant polarities in tension without reacting to them, trying to problem-solve them, or...

Q8. Which of the following statements accurately describes a monopolistically competitive firm? A) Its market is...

Q8. Which of the following statements accurately describes a monopolistically competitive firm? A) Its market is dominated by a small number of firms. B) It competes against a large number of firms selling slightly different products. C) It will try to blend in its product so it is indistinguishable from other firms’ products. Q9. Monopolistic competitors in the food industry, acting in their own self-interest, will often include a recyclable symbol on packaging used for their product as a means...

Which of the following statements accurately describes the balance sheet? Check all that apply. -Allows assets...

Which of the following statements accurately describes the balance sheet? Check all that apply. -Allows assets to exceed liabilities plus equity if the company's stock price has grown rapidly -Shows operating performance over a period of time -Uses "current" to mean an account with an expected life of less than a year -Shows operating performance on a specific date

Which of the following accurately describes the circumstances in which an individual is considered to be...

Which of the following accurately describes the circumstances in which an individual is considered to be a resident of Canada? Question 1 options: 1) When the individual is a citizen of Canada 2) When 90% or more of the individual's income originates in Canada 3) When the individual maintains a continuing state of relationship with Canada 4) When the individual is domiciled in Canada for more than 3 months of the year

Which of the following accurately describes a general partner in a partnership?

Which of the following accurately describes a general partner in a partnership?A- A partner who is personaly liable for partnership debts only up to the amount of money or other property that the partner contributed to the partnership.B- A partner who is personally liable for the partnership's nonrecourse loans.C- A partner who is personally liable for partnership debts.D- A partner who adheres to generally accepted accounting

Which of the following statements accurately describes changes in the Qualifying Widow(er) (QW) tax filing status...

Which of the following statements accurately describes changes in the Qualifying Widow(er) (QW) tax filing status for Tax Year 2017? The taxpayer is entitled to file a joint return with their spouse for the year the spouse died. The taxpayer may file as a qualifying widow(er) in the year after the death of their spouse, even if they re-marry during the year following the year in which their first spouse died. The taxpayer no longer must have a qualifying child,...

Which of the following accurately describes a step a paid tax prepare

Which of the following accurately describes a step a paid tax preparer should take when assisting a taxpayer who is applying for an ITIN?A.)Complete Form 8867, Paid Preparer's Due Diligence Checklist.B.)Notarize copies of the taxpayer's supporting documents.C.)Prepare the federal tax return for which the ITIN is needed and include it in the ITIN packet.D.)Prepare a separate ITIN packet for each family member listed on the return.

Subjects