Question $30$

$5$ pts

If your car is repossessed and sold for less than the loan value, the creditor may come after you for the deficiency. What is the major difference in this new deficiency debt compared to the previous original car loan?

There is no difference

The creditor will likely not turn it over to a collection agency

There is no collateral on the new debt making it low priority, whereas the original loan was high priority

The new debt cannot be discharged in bankruptcy

Question $31$

$5$ pts

In most states, which situation can lead to utilities being disconnected for non$-$payment?

An overdue bill that is for a very small amount

A bill that is only recently overdue

A customer that is already on a deferred payment plan

A bill that has an active dispute

Question $32$

$5$ pts

Which statement about PMI $($private mortgage insurance$)$ is false?

It is worth keeping for the entire loan, as it protects the homeowner from foreclosure

It can be cancelled once the loan balance falls below $80\%$ of the home's purchase price

Cancelling has no down$-$side to the homeowner, it only protects the lender,

Cancelling will lower the monthly.payment