Question
Brenda found out that reputable lenders use the 28/36 rule when determining mortgage qualification. Brenda currently grosses $6,000 per month. From this she pays a
Brenda found out that reputable lenders use the 28/36 rule when determining mortgage qualification. Brenda currently grosses $6,000 per month. From this she pays a $200 car payment; a personal loan of $100 and a student loan payment of $90. Based on this information, would Brenda qualify for a mortgage?Yes
No
Alice has fallen behind on her signature loan. She recently received a notice from the lender that her wages were going to be garnished to pay off the debt. What is the loan clause that allows the lender to take this action against Alice because she was in default?
Recovery clause
Default clause
Recourse clause
Deficiency payments clause
None of these
Yes
No
Alice has fallen behind on her signature loan. She recently received a notice from the lender that her wages were going to be garnished to pay off the debt. What is the loan clause that allows the lender to take this action against Alice because she was in default?
Recovery clause | ||
Default clause | ||
Recourse clause | ||
Deficiency payments clause | ||
None of these |
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Solution 1Answer is Yes Explanation for the answer as below he 2836 Rule Explanation The 2836 Rule i...
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Personal Finance
Authors: Thomas Garman, Raymond Forgue
12th edition
9781305176409, 1133595839, 1305176405, 978-1133595830
