Two questions
GRg_WHfTE- Homeowner Relief
In 200words, explain how a deed in lieu of foreclosure differs from a short sale or foreclosure? If you were advising a colleague that was struggling to keep current on payments which would you suggest? Would your recommendation change if you were an employee of the bank?
- Real Estate Financing
In 200words, respond to the following problem: Mr. Smith acquired a property consisting of 1 acre of land and a two-story building five years ago for $100,000. He also obtained an $80,000 mortgage loan from ACE Bank to provide financing to complete the purchase. This year, Mr. Smith constructed another building on the property with his own funds at a cost of $20,000. Mr. Smith has decided after completing the building to approach Duce Bank to borrow and mortgage the new building with a $16,000 loan. Is Duce Bank likely to provide the $16,000 in financing? What other options may Mr. Smith have to consider? Make sure to be not only creative in your alternatives but also detailed.
11 years ago
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