Question 2 5 pts Jess buys a beautiful old house for $700,000. She puts a down payment in the amount of $200,000. She borrows the rest from Schmitt Bank. The Bank takes a mortgage on the house. After a few years, Jess defaults on her payments. Describe the scenario concerning what the bank will do? What effect does the value of the house have on the outcome? What might happen if the house is worth less or more than $500,00? Edit View Insert Format Tools Table 12pt v Paragraph ~ B J U A & TY : regarding the