45 hours Post Licensing Chapter 10-13 Correct Question Forbearance or Moratorium (to avoid foreclosure) - ANSWER waiver of principal payments (interest Only) Deferred interest (Principal only)s & Answers!!

Forbearance or Moratorium (to avoid foreclosure) - ANSWER waiver of principal payments (interest Only) Deferred interest (Principal only) Restructure the Mortgage loan - ANSWER involves lowering the interest rates, accruals of interest, or extended maturity date. nonrecourse loan - ANSWER borrower is not personal liable for the original loan, the lender could decided to make the borrower personally liable as part of the restructuring agreement. the process of redesigning a loan - ANSWER is called Recasting transfers the mortgage to a new owner - ANSWER assume the loan or take the property subject to the existing mortgage. Deed in Lieu of Foreclosure - ANSWER buyer can't make payments borrower sells the equity to the lender minimizes expenses of foreclosure lender may not accept also called Voluntary Conveyance Tax consequences in deed in lieu foreclosure - ANSWER IRS may considered this forgiveness of debt income and therefore taxable to the borrower as a gift from the lender.