William buys a house for $500,000 from Keith Geller through a realtor.He makes a down payment of $200,000.He borrows the rest from Smith and Sons,a lending firm,and places his new house as collateral for the loan.Who is the creditor in this case?

Question

Quizplus · Accepted Answer

Smith and Sons is the creditor because they are the lending firm from which William borrowed the money to pay for the house. They hold a secured interest in the property as collateral for the loan.

William Buys a House for $500,000 from Keith Geller Through