FinancingForeclosure_and_defaultMEDIUM
Rather than selling the home or deeding it back, Alex Garcia and the lender agree to change the note's terms so the monthly payment becomes manageable. What workout solution is this?
Correct Answer
C) Loan modification
Loan modification is correct because the facts match a negotiated change to loan terms, such as rate, term, or payment amount, intended to make the mortgage more affordable. That is the best description of the relationship, right, or legal concept tested here.
Answer Options
A
MortgagorB
MortgageeC
Loan modificationD
Judicial foreclosureWhy This Is the Correct Answer
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Related Topics & Key Terms
Key Terms:
foreclosure_and_defaultfinancingloan_modificationloss_mitigation
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