Joe took out a loan to purchase a new house. In return, Joe's lender placed a lien on the property. Is this legal? O No. Only Joe can place a lien his property. O No. A lender is never allowed to place a lien on a property as long as the borrower is up-to-date ontheir payments. О Yes. This is a voluntary mortgage lien that allows the lender to foreclose on the property if Joe defaults on the loan. O Yes. However, the lien is only valid for 12 months.
Joe took out a loan to purchase a new house. In return, Joe's lender placed a lien on the property. Is this legal? O No. Only Joe can place a lien his property. O No. A lender is never allowed to place a lien on a property as long as the borrower is up-to-date ontheir payments. О Yes. This is a voluntary mortgage lien that allows the lender to foreclose on the property if Joe defaults on the loan. O Yes. However, the lien is only valid for 12 months.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
Related questions
Question
![Joe took out a loan to purchase a new house. In
return, Joe's lender placed a lien on the
property. Is this legal?
O No. Only Joe can place a lien his property.
O No. A lender is never allowed to place a lien on
a property as long as the borrower is up-to-date
ontheir payments.
О
Yes. This is a voluntary mortgage lien that
allows the lender to foreclose on the
property if Joe defaults on the loan.
O Yes. However, the lien is only valid for 12
months.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2710b037-a612-4a76-8595-38085172c6b6%2F96e0b63b-20a7-4011-84f2-ef0792dcaec2%2F1qehyho_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Joe took out a loan to purchase a new house. In
return, Joe's lender placed a lien on the
property. Is this legal?
O No. Only Joe can place a lien his property.
O No. A lender is never allowed to place a lien on
a property as long as the borrower is up-to-date
ontheir payments.
О
Yes. This is a voluntary mortgage lien that
allows the lender to foreclose on the
property if Joe defaults on the loan.
O Yes. However, the lien is only valid for 12
months.
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