Discharge for qualified principal residence indebtedness (QPRI) is: Not likely to trigger cancellation of debt income. When the bank takes the home from the borrower to satisfy the mortgage debt. Available for a second home. A restructuring of a loan that allows the borrower to retain ownership of their home.

Discharge for qualified principal residence indebtedness (QPRI) is: Not likely to trigger cancellation of debt income. When the bank takes the home from the borrower to satisfy the mortgage debt. Available for a second home. A restructuring of a loan that allows the borrower to retain ownership of their home.

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter7: Credit Cards And Consumer Loans

Section7.5: Calculating Interest On Consumer Loans

Problem 3CC

See similar textbooks

Similar questions

Ways 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.
A 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.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Which of the following is an example of nonrecourse debt? (a) A personal loan secured by collateral where the borrower's liability is limited to the collateral. (b) Any business debt that is secured by collateral. (c) A home mortgage where the buyer is personally liable for any deficiency after foreclosure. (d) An automobile lease.
1. which of the following life situations does not qualify you for a student loan deferment A. Long term disabilitu B. Currently enrolled college C. Religious commitment/serivce D. Recently fired/loss of job
Cancellation of Debt Income Question 9 of 75. Which of the following is generally excluded from cancellation of debt income without having to prove insolvency? O Credit card principal from a personal expense. A mortgage on a qualified principal residence that was secured by the residence. A recourse loan with no pledged property as collateral. Student loans that were canceled due to nonpayment. Mark for follow up Question 10 of 75. Arthur has a nonrecourse loan financed by his bank. This means that O Arthur must recognize ordinary income if this debt is canceled. Arthur will not recognize gain or loss on the disposition of the property. The lender has no right to seek payment from Arthur for any debt in excess of collateral. O The lender may not foreclose or repossess the property that secures the debt. Mark for follow up Question 11 of 75. Unless an exception or exclusion applies, in what specific order must tax attributes be reduced? O Basis of all property, net operating loss (NOL),…
Which of the following types of interest is never deductible on a schedule a itemized deductions is it interest paid on money borrowed to buy stock for a standard investment portfolio or mortgage interest paid on a second home or personal interest paid on a car loan or points paid in advance at the time of securing a mortgage for a taxpayers Main residence
What dangers are encountered by mortgagees and unreleased mortgagors when the property is sold “subject to” a mortgage?
Which of the following is true of an unsecured loan?A. They are exclusively for cars, houses, and other large purchasesB. Collateral could be collected by the lender if the debt is not paidC. They never have any interest added onto themD. Items of value that the borrowers owns are not at risk of repossession
Which of the following security instruments, if any, does not allow the debtor the right of redemption upon default? a. Mortgage foreclosure by "action and sale" b. "Strict foreclosure" of mortgage c. Debtors have a right to redeem property under all of these security instruments. d. Deed of trust e. Mortgage foreclosure by "power of sale"
When might a borrower want to have another party assume his liability under a mortgage loan?
Which of the following types of interest is not deductible? a.Qualified mortgage interest on residence b.Credit card interest c.Qualified mortgage interest on second residence d.All of these choices are correct. e.None of these choices are correct.