ou buy a home in Pittsburgh in 2003. The house you purchase is worth $300,000. Countrywide Home Loans makes you a 10% down payment loan. The loan is interest-only for the first 7 years, after which the balance is amortized over the remaining 23 years (the loan's maturity is 30 years).

5 years later, in 2008, you lose your job and are unable to make the monthly payments on the loan. Your neighborhood has been resilient to the financial crisis and house prices have fallen only by 2%.

What action should you take:

Group of answer choices

a. Continue to make payments on the mortgage.

b. Sell the house and repay the loan with the proceeds.

c. Default on the loan and let the bank foreclose upon the property.

Please explain