Ask Question
BusinessBusiness
16 March, 03:37

Gary did not pay his past three payments on his mortgage. What is the possible consequence he is facing?

garnishment

foreclosure

a judgment

bankruptcy

+1
Answers (1)
  1. 16 March, 03:48
    0
    Answer: Foreclosure

    Foreclosure refers to a bank's act of taking possession of a mortgaged property when the mortgage holder fails to make the monthly mortgage payments.

    Foreclosure occurs when a home owner does not pay his monthly loan instalments for three consecutive months.

    It is a legal process in which the home owner loses the ownership of the property and the banker gets the right to sell off the property in order to make up the loss on account of non payment.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Gary did not pay his past three payments on his mortgage. What is the possible consequence he is facing? garnishment foreclosure a judgment ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Define an informal business
Answers (1)
Cassandra is a recent college graduate. She got a job as a sports team manager making $82,000 a year and she will have to move across country for the new job. Her moving expenses are $7500.
Answers (1)
lindsay took out a (n) to purchase her new home she use in the form of the property to back the leon lindsay also paid money in advance this is known as a (n) if lindsay dose not make her loan payment on time the bank will most likely
Answers (2)
Multicultural organizations differ from pluralistic organizations in that they
Answers (1)
Your company wants to set aside a fixed amount every year to a sinking fund to replace a piece of industrial equipment costing $375,000 at the end of eight years from now. The sinking fund is expected to earn 7% interest.
Answers (1)
New Questions in Business
Harootunian Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours.
Answers (1)
Chegg In year 1, the capital stock was 6, the labor input was 3, and output was 12. In year 2, the capital stock was 7, the labor input was 4, and output was 14. What happened to total factor productivity between the two years?
Answers (1)
A company's adjustment for uncollectible accounts at year-end would include a: Multiple Choice Debit to Bad Debt Expense. Credit to Accounts Receivable. Debit to Accounts Receivable. Debit to Allowance for Uncollectible Accounts.
Answers (1)
Explain the differences between transactional and relationship marketing. How do these differences lead to increasing emphasis on logistical performance in supply chain management
Answers (1)
In the context of investing, the term market refers to
Answers (1)
Home » Business » Gary did not pay his past three payments on his mortgage. What is the possible consequence he is facing? garnishment foreclosure a judgment bankruptcy
Sign Up Forgot Password?