A) Increase the present loan by the interest B) Terminate the contract C) Refuse to grant future additional loan D) Demand full settlement of the loan
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- Canceling the original loan and signing a new loan agreement with different terms to settle troubled debts is called what? a) Prolongation b )Settlement c) Nullification d) Continuation with modification of debt termsWays that a lender may respond to a defaulted loan without resorting to foreclosure include all of the following except Multiple Choice defer or forgive some of the past-due payments. accept a deed in lieu of foreclosure. allow short sale to a third party. accelerate the debt. offer credit counselina.Answer the following questions: REGARDING AMLS A: What is the difference between an interest rate change cap and a life of loan interest rate change cap.? Be specific and give an example. B: What is the rationale/consideration in not using the initial interest rate for the rate used to qualify a borrower?
- Define the following: Condition Civil loss Reciprocal obligations Pure obligation Potestative condition Problems Explain or state briefly the rule or reason for your answer. 1. D (debtor) borrowed P20,000 from C (creditor) payable on or before August 30. Before the arrival of the due date, C agreed to the promise of B to pay C if B wants. Can C insist that B pay not later than August 30? 2. Suppose in the same problem, D obliges himself to pay C P10,000 after C has paid his obligation to T. Is the obligation valid? 3. S (seller) agreed to sell to B (buyer) a specific car for P200,000, delivery of the car and the payment of the price to be made on June 15. Suppose S delivered the car on June 15 but B failed to pay the price, what are the remedies of S? 4. S sold a parcel of land to B for P240,000 payable in installments of P20,000 a year. The land was delivered to B who obtained ownership thereof. After B had paid P200,000, he could no longer continuing paying in view of…Which of the following is an arrangement by which one party promises to pay a sum of money to policyholder as protection against an adverse or unfavorable occurrence of event? a. Short Term Loans b. Fixed Deposit c. Insurance d. InvestmentA lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If he accepts, which of the following will be TRUE? a. Because it is voluntary, it will not be an adverse item on the buyer's credit. b. The lender will take the title subject to any junior liens. c. The lender will usually retain his rights under mortgage insurance or VA guarantee. d. The loan will still be assumable.
- To account for a down payment, adjust the _____ of the loan by subtracting it from the loan amount. O present value (pv) future value (fv) rate O typeWhich of the following is NOT true about a temporary insurance agreement? Select one: a. It can only cover life insurance and living benefits b. It expires the date the policy becomes effective c. The applicant will submit the premium with the application d. It can be provided if the agent believes the policy will be issued25. What is the remedy available to vendor or lessor when the vendee or lessee fails to pay a single instalment or single periodic rental in an instalment sale or finance lease of personal property assuming a chattel mortgaged is constituted on the personal property sold or leased? Group of answer choices a. Exact fulfilment of the obligation with right to recovery for deficiency b. Cancel the instalment sale or finance lease resulting to mutual restitution c. Foreclose the chattel mortgage on the personal property sold or leased d. Any of the above
- If an installment loan is paid in full before the maturity date, the full amount of interest on the loan must still be paid. False O TrueWhich of the following is not included in the MHE, or PITI, payment? O Principal O Points O Interest O Insurance Taxes For a fixed rate mortgage: O the PITI payment stays the same over the life of the loan. O the mortgage payment, or principal plus insurance, stays the same over the life of the loan. O the mortgage payment, or principal plus interest, stays the same over the life of the loan. O no part of the payment stays the same over the life of the loan; only the interest rate stays the same over the life of the loan,What does the insurer agree to pay for in addition to covering losses in an insurance policy? Services such as investigating claims and defending the insured The entire policy limit Premium costs for the policy period Only losses below the deductible
