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Author Question: If an order or promise is not for money, the instrument is not negotiable. Indicate whether the ... (Read 99 times)

jazziefee

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on: Jun 24, 2018
If an order or promise is not for money, the instrument is not negotiable.
  Indicate whether the statement is true or false

Question 2

James and Debra Reid purchased a home for 623,000 in January 2014. They put down 62,300 and financed the remainder with Fifth Third Bank. Fifth Third Bank recorded its mortgage on February 1, 2014. On March 31, 2014, the Reids purchased a swimming pool and the pool contractors, Cristoria Pools, financed the construction for 45.000. Cristoria recorded a second mortgage on the property on April 15, 2014. On December 15, 2014, the Reids sold their house to the Griffins for 720,000. The Griffins put 120,000 down and agreed to pay the Reids for the existing mortgage in wrap-around. The mortgage balance at the time of the sale was 619,000. The balance on the Cristoria mortgage was 42,000. On August 15, 2015, the Griffins defaulted on their payments. The Reids had already purchased another home and were unable to make the payments on the home. Fifth Third Bank foreclosed on the mortgage. Suppose the mortgage sale brings 600,000. Fifth Third Bank wishes to recover the deficiency of the amount due on the mortgage. Which parties are personally liable on the mortgage loan?
 A)The Reids
 B)The Griffins
 C)Both the Reids and the Griffins
 D)There are no deficiencies allowed on residential mortgage foreclosures under federal law


thall411

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Reply #1 on: Jun 24, 2018
Answer to Question 1

TRUE

Answer to Question 2

A


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