FinanceCâu 71 / 120
A loan feature that lets the lender declare the entire remaining balance due upon borrower default is a(n):
a.Prepayment penalty
b.Subordination clause
c.Acceleration clause
d.Defeasance clause
Giải thích
An acceleration clause allows the lender to demand the full unpaid balance immediately if the borrower defaults, which is a prerequisite to foreclosure. A defeasance clause, by contrast, cancels the lien once the debt is fully paid.
Luyện miễn phí toàn bộ 120 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- In a typical mortgage loan, the document that serves as the borrower's written promise to repay the debt is the:
- Texas commonly uses a 'deed of trust' rather than a traditional mortgage. In a deed of trust, the neutral third party who holds legal title until the loan is repaid is the:
- A 'due-on-sale' (alienation) clause in a mortgage generally:
- In an amortized loan, the early payments are applied:
- The four components commonly abbreviated as 'PITI' in a monthly housing payment are:
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