Lisa purchased her home 5 years ago for $265,000. Lisa stopped making payments on her home loan, id unfortunately, the real estate market has gone down significantly in recent years. Lisa needs to sell her me immediately to avoid foreclosure; however, her property is now only worth $189,000. What should sa do next? Work with her lender to sell her property as a short sale. Take out a second mortgage to catch up on her home loan payments. Sell her property off as an REO. Simply walk away from the property.
Lisa purchased her home 5 years ago for $265,000. Lisa stopped making payments on her home loan, id unfortunately, the real estate market has gone down significantly in recent years. Lisa needs to sell her me immediately to avoid foreclosure; however, her property is now only worth $189,000. What should sa do next? Work with her lender to sell her property as a short sale. Take out a second mortgage to catch up on her home loan payments. Sell her property off as an REO. Simply walk away from the property.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
Related questions
Question
![Lisa purchased her home 5 years ago for
$265,000. Lisa stopped making payments on
her home loan, id unfortunately, the real estate
market has gone down significantly in recent
years. Lisa needs to sell her me immediately to
avoid foreclosure; however, her property is now
only worth $189,000. What should sa do next?
Work with her lender to sell her property as
a short sale.
Take out a second mortgage to catch up
on her home loan payments.
Sell her property off as an REO.
Simply walk away from the property.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2710b037-a612-4a76-8595-38085172c6b6%2Ffa8519fc-6445-4c33-b846-b53b2e86645f%2Flwazcc8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Lisa purchased her home 5 years ago for
$265,000. Lisa stopped making payments on
her home loan, id unfortunately, the real estate
market has gone down significantly in recent
years. Lisa needs to sell her me immediately to
avoid foreclosure; however, her property is now
only worth $189,000. What should sa do next?
Work with her lender to sell her property as
a short sale.
Take out a second mortgage to catch up
on her home loan payments.
Sell her property off as an REO.
Simply walk away from the property.
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