unit 32 defaults forclosures

Alternatives to foreclosure include deed in lieu of foreclosure, short sale, or ______

Bankruptcy

Which of the following can a lender do if a borrower fails to keep homeowner's insurance on the collateral property?

Place lender-acquired insurance on the property and bill the borrower

Two examples of loan adjustments or modifications are moratorium and ______.

Recasting

Percy is losing his house because he can't make his payments. He owes more than it's worth and just wants to get out from under it. He decides to put it on the market and hope for the best. Percy will likely sell his home through ______.

Short sale

Jasmine has a mortgage on her property, but allows her homeowner's insurance to lapse. Which of these is a possible consequence of this action?

The lender can put Jasmine's loan in default

Rather than face foreclosure, Tony decides to cut his losses. He voluntarily conveys his property to his lender. What type of foreclosure alternative is this?

Voluntary conveyance of deed