Most lenders immediately will _____ the first time that you have difficulty meeting your loan payments.
A) double your interest rate
B) file a legal case
C) grant an extension
D) erase your debt
E) repossess the property you purchased

Question

Most lenders immediately will _____ the first time that you have difficulty meeting your loan payments.
A) double your interest rate
B) file a legal case
C) grant an extension
D) erase your debt
E) repossess the property you purchased

Quizplus · Accepted Answer

When borrowers have difficulty meeting their loan payments, lenders may grant extensions to give the borrower more time to make the payments. This is a common practice among lenders as they would rather work with borrowers to come up with a solution than to immediately repossess the property or file a legal case. Doubling the interest rate or erasing the debt would not be beneficial for either party, and these options are only available in specific circumstances.

Most Lenders Immediately Will _____ the First Time That You Have