O Can be defined as the restructuring of a loan that allows the borrower to retain ownership of their home. OIs applicable to a second home. Is not likely to trigger cancellation of debt income. Occurs when the bank takes the home from the borrower to satisfy the mortgage debt. med Principal Residence Indebtedness (QPRI)? This type of Mark for follow up
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- a. Identify the necessary procedures a bank has to follow in taking a legal mortgage over life policy when a customer applied for a loan. b. In case the customer defaults in repaying the loan, what are the various options available for the realization of the life policy by the bank.A lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If he accepts, which of the following will be TRUE? a. Because it is voluntary, it will not be an adverse item on the buyer's credit. b. The lender will take the title subject to any junior liens. c. The lender will usually retain his rights under mortgage insurance or VA guarantee. d. The loan will still be assumable.1. which of the following life situations does not qualify you for a student loan deferment A. Long term disabilitu B. Currently enrolled college C. Religious commitment/serivce D. Recently fired/loss of job
- FHA-insured loans insure lenders against a. decline in real estate values. b. loss due to foreclosure. . loss due to borrowers losing their jobs, d. late payments by borrowers.Which of the following correctly describes the exchange between lender and borrower in a typical lending transaction? O The borrower signs the Note in return to receive Mortgage from the lender O The borrower signs the Mortgage in return to receive Deed of Trust from the lender O The borrower signs both Mortgage and Deed of Trust to receive money from the lender The borrower signs both Note and Mortgage to receive money from the lender1. Loans that are to be securitized are passed on to ____ _ _ _ _ _ ___. This helps ensure that if the lender goes bankrupt , it does not affect the credit status of the pooled loans . A. the originator B. a special - purpose entity C. the trustee D. a servicer E. the credit enhance
- Which of the following security instruments, if any, does not allow the debtor the right of redemption upon default? a. Mortgage foreclosure by "action and sale" b. "Strict foreclosure" of mortgage c. Debtors have a right to redeem property under all of these security instruments. d. Deed of trust e. Mortgage foreclosure by "power of sale"Cancellation of Debt Income Question 9 of 75. Which of the following is generally excluded from cancellation of debt income without having to prove insolvency? O Credit card principal from a personal expense. A mortgage on a qualified principal residence that was secured by the residence. A recourse loan with no pledged property as collateral. Student loans that were canceled due to nonpayment. Mark for follow up Question 10 of 75. Arthur has a nonrecourse loan financed by his bank. This means that O Arthur must recognize ordinary income if this debt is canceled. Arthur will not recognize gain or loss on the disposition of the property. The lender has no right to seek payment from Arthur for any debt in excess of collateral. O The lender may not foreclose or repossess the property that secures the debt. Mark for follow up Question 11 of 75. Unless an exception or exclusion applies, in what specific order must tax attributes be reduced? O Basis of all property, net operating loss (NOL),…The document a lender gives a borrower detailing the actual costs of a loan is called a truth-in-lending disclosure a deed of trust a judgment affidavit a title insurance commitment
- When might a borrower want to have another party assume his liability under a mortgage loan?Which of the following is an example of nonrecourse debt? (a) A personal loan secured by collateral where the borrower's liability is limited to the collateral. (b) Any business debt that is secured by collateral. (c) A home mortgage where the buyer is personally liable for any deficiency after foreclosure. (d) An automobile lease.17 What is an REO? A O 'Real estate owned' by the lender after a foreclosure where the property failed to sell at auction. A period of time called a 'Redemption Extension to Owner' in which the owner has a chance to buy back property after it is auctioned off. A 'Registered Equity Offering' consisting of a portfolio of loans offered for sale as mortgage-backed securities on the secondary mortgage market. DO A 'Regulatory Enforcement Order' in which a lender files a lawsuit against the borrower to force the sale of the property.