If a homeowner in mortgage distress owes more than the value of the home, and is unable to make the loan manageable by refinancing or modifying the mortgage, the next recourse often is a short sale of the property. All of the following statements are true regarding a short sale EXCEPT:
A) Legal costs should be lower with a short sale than with foreclosure
B) A short sale usually enables a better sale price and a faster sale than foreclosure
C) A short sale is less damaging to the borrower's credit than a foreclosure, thereby enabling the borrower to be eligible for another mortgage loan sooner
D) A short sale relieves the seller of any other outstanding obligations on the home, such as owner association fees or a second mortgage.
Correct Answer:
Verified
Q25: Known popularly by its section in the
Q26: Even after a property goes into foreclosure,
Q27: Assume that an individual has just lost
Q28: In certain states, such as the state
Q29: In an attempt to regulate home mortgage
Q30: Even after a property goes into foreclosure,
Q32: Known popularly by its section in the
Q33: When a borrower defaults on a mortgage
Q34: Which of the following acts was passed
Q35: In certain states, such as the state
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