12-15.The following statement(s) is true:
A) the ability-to-pay theory of default states that a borrower may default when he or she is financially unable to meet the monthly payment
B) the equity theory of default states that borrowers default when there is no positive equity in the property
C) the ability-to-pay theory of default and the equity theory of default are in conflict with each other.
D) a and b
Correct Answer:
Verified
Q10: 12-10.The following lien takes first place on
Q11: 12-13.The provisions of a deed of trust
Q12: A promissory note is:
A) a recourse note
B)
Q13: 12-20.A theory that states that no borrower
Q14: Deficiency judgments are often hard to obtain
Q16: 12-11.According to Jackson and Kaserman:
A) the ability-to-pay
Q17: A promissory note should be:
A) sold without
Q18: Borrower qualification considers all of the following
Q19: 12-18.The process of determining and controlling the
Q20: 12-14.Borrower qualifications are mostly the concern of
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