« previous next »

Author Question: If an order or promise is not for money, the instrument is not negotiable. Indicate whether the ... (Read 100 times)

jazziefee

  • Hero Member
  • *****
  • Posts: 505
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

  • Sr. Member
  • ****
  • Posts: 332
Reply #1 on: Jun 24, 2018
Answer to Question 1

TRUE

Answer to Question 2

A


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Glaucoma is a leading cause of blindness. As of yet, there is no cure. Everyone is at risk, and there may be no warning signs. It is six to eight times more common in African Americans than in whites. The best and most effective way to detect glaucoma is to receive a dilated eye examination.

Did you know?

Medications that are definitely not safe to take when breastfeeding include radioactive drugs, antimetabolites, some cancer (chemotherapy) agents, bromocriptine, ergotamine, methotrexate, and cyclosporine.

Did you know?

Cutaneous mucormycosis is a rare fungal infection that has been fatal in at least 29% of cases, and in as many as 83% of cases, depending on the patient's health prior to infection. It has occurred often after natural disasters such as tornados, and early treatment is essential.

Did you know?

Most women experience menopause in their 50s. However, in 1994, an Italian woman gave birth to a baby boy when she was 61 years old.

Did you know?

Many people have small pouches in their colons that bulge outward through weak spots. Each pouch is called a diverticulum. About 10% of Americans older than age 40 years have diverticulosis, which, when the pouches become infected or inflamed, is called diverticulitis. The main cause of diverticular disease is a low-fiber diet.

These illustrations show Ellen Craft, a slave with and without a disguise. She dressed “as a disting These illustrations show Ellen Craft, a slave with and without a disguise. She dressed “as a disting
Order and Duration of Sleep Stages Through a Typical Night Order and Duration of Sleep Stages Through a Typical Night
Measurement of Temperature: Instrument Shelters Measurement of Temperature: Instrument Shelters
Promise and Problems of the Eurozone Promise and Problems of the Eurozone
How to evaluate the second order determinant How to evaluate the second order determinant
Promise Gluten Free Bread Promise Gluten Free Bread
Video: Introduction to Tuberculosis

For a complete list of videos, visit our video library