If a borrower lives in a recourse state and defaults on a mortgage note that contains an exculpatory clause and the lender receives less than the amount owed on the mortgage when the property is sold, the lender will.. file for bankruptcy protection seek the difference from the borrower's title insurance company do nothing since the lender is limited to the proceeds from the sale of the property take legal action against the borrower to recover the difference

The owner of a property has never lived in the property but holds title. In this case, the owner is OA) required to deliver the Residential Property Condition Disclosure Statement to the buyer. B) not required to deliver the Residential Property Condition Disclosure Statement to the buyer. OC) exempt from the delivery of the form because he has never lived in the property. OD) exempt from the delivery of the form because he holds title.

A borrower had submitted a loan application and was approved, She submits a change to her application, and it is now denied. Which of the following changes will most likely result in a loan being denied? The borrower begins to receive public assistance. BO The borrower mistakenly omitted a previous residence. C The borrower is going to take maternity leave from her employer. DO The borrower assumes additional debt that was not previously reported.

Which process leaves you with no debt when it is over? A) neither chapter 7 or 13 bankruptcy B) chapter 7 bankruptcy C) both chapter 7 and 13 bankruptcy D) chapter 13 bankruptcy

The insured owns a personal umbrella liability insurance policy that has been in effect for more than 5 years. The insurance company will be able to  nonrenew the policy for all of the reasons indicated below except The insured was convicted of a misdemeanor The insured’s producer had its agency contract terminated by the insurance company The primary automobile insurer is not A-rated for financial solvency The insured’s home was damaged due to weather related losses only

Days where rental property is used by the taxpayer to repair and maintain the property do not count as personal days. True or false

Please do not give image format and no chatgpt answer

Before any debt cancellation, PeppersCo holds business land with a $2,400,000 fair market value, a $1,000,000 tax basis, and a related mortgage of $3,000,000. The lender reduces the mortgage principal by $600,000. What are the Federal income tax consequences of the debt cancellation given the following independent scenarios? A, Peppers is insolvent, and the land and related mortgage are the only asset and debt, respectively. B. the mortgage is seller financing, and Peppers is solvent. C. Peppers has filed for bankruptcy and the debt is discharged by that action.