FinancingHARD
A lender must notify a borrower when a final/balloon payment is due:
Correct Answer
B) 30 to 90 days prior to the due date.
Lenders must provide advance notice (typically 90-150 days) before balloon payment due date.
Answer Options
A
90 to 150 days prior to the due date.B
30 to 90 days prior to the due date.C
four weeks prior to the due date.D
six months prior to the due date.Video Explanation2 min
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Related Topics & Key Terms
Related Topics:
balloon-loan-structuresborrower-disclosure-requirementsloan-default-procedures
Key Terms:
balloon paymentCalifornia Civil Code 2924imortgage noticelender disclosureresidential financing
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