A horoeowner buys a residential property for $86,000.00 today. He takes out both first and second interest only mortgages to finance his purchase. Both mortgages have a twenty-year maturity, a. 6.24% announced anmal coupon rate, and respective initial balances of $546,000.00 and $328,000.00 and he has signed a separate promisory note for each loan. Should the future market price of his property fall by an arcount greater than his current equity value, he will, at that time, default on either or both of his mortgages and will face a foreclosure suit. Should this suit be successful, assume his property will sell at only 80% of its purchase price. If, however, both mortgages contain a "nonrcourse" cause, then: owing to the norecourse cause, the homeowner is liable for repaying the full aroount of the UPB on each loan through sale of his asets other than his property owing the nonrecourse daux, the homeowner is liable for repaying $546,000.00 to the first lender, should that lender initiate foreclosure, but only approximatey 52.12% of the UPB owed to the second lender owing to the nonrecours daug, the homeowner is liable for the full aroount owed to the first lender, should that lender initiate foreclosure, but only approximatey 49.637. of the UPB owed to the second lender owing to the nonrecourse cause, the horreowner is liable to repay $546,000.00 to the first lender but only approximately 49.63% of the UPB owed to the second lender none of the above A horoeowner buys a residential property for $86,000.00 today. He takes out both first and second interest only mortgages to finance his purchase. Both mortgages have a twenty-year maturity, a. 6.24% announced anmal coupon rate, and respective initial balances of $546,000.00 and $328,000.00 and he has signed a separate promisory note for each loan. Should the future market price of his property fall by an arcount greater than his current equity value, he will, at that time, default on either or both of his mortgages and will face a foreclosure suit. Should this suit be successful, assume his property will sell at only 80% of its purchase price. If, however, both mortgages contain a "nonrcourse" cause, then: owing to the norecourse cause, the homeowner is liable for repaying the full aroount of the UPB on each loan through sale of his asets other than his property owing the nonrecourse daux, the homeowner is liable for repaying $546,000.00 to the first lender, should that lender initiate foreclosure, but only approximatey 52.12% of the UPB owed to the second lender owing to the nonrecours daug, the homeowner is liable for the full aroount owed to the first lender, should that lender initiate foreclosure, but only approximatey 49.637. of the UPB owed to the second lender owing to the nonrecourse cause, the horreowner is liable to repay $546,000.00 to the first lender but only approximately 49.63% of the UPB owed to the second lender none of the above