Call the loan in default and foreclose

Assignment Help Business Management
Reference no: EM132028312

You have granted a mortgage on your home to First Bank and Trust. The mortgage is a FNMA/FHLMC Uniform Mortgage. You currently have the home under a contract for sale. You want to be able to sell the home and have the purchaser assume the mortgage to First Bank and Trust. Two days before the closing of the sale, you notify First Bank and Trust that you are selling the property and that the purchaser will assume the loan. First Bank and Trust responds that it will not consent to the sale unless you provide financial information concerning the purchaser and pay First Bank and Trust a fee of $1,000. First Bank and Trust also informs you that if you refuse to cooperate and sell the home without its consent, it will call the loan in default and foreclose. Can First Bank and Trust legally request/require this?

Reference no: EM132028312

Questions Cloud

Merck case study questions : Should the performance appraisal and salary administration be revised? Why?
How much depreciation did you claim this year : a. How much depreciation did you claim this year? b. Under the new category, how much depreciation would be claimed?
What is the basis for depreciation of equipment : a. What is the basis for depreciation of this equipment?
What is the basis for depreciation of equipment : a. What is the basis for depreciation of this equipment?
Call the loan in default and foreclose : First Bank and Trust also informs you that if you refuse to cooperate and sell the home without its consent, it will call the loan in default and foreclose.
Creative pricing strategy for memberships : Many country clubs and professional sports teams use a creative pricing strategy for memberships in the case of country clubs or seating
How are each of the costs determined in these categories : In a job order costing environment, costs are accumulated by jobs. How are each of the costs determined in these categories?
What does a low incidence study mean : What does a low incidence study mean? This is a short response for a Marketing Research course at FIU
What are the process of servant leadership : In Business leadership, what are the process of servant leadership; democratic leadership; and enlightened leadership?

Reviews

Write a Review

Business Management Questions & Answers

  Who will prevail in given condition and why

Auburn refused to deliver the molds unless CBS paid the additional charge for engineering services. CBS claimed that the contract did not provide for a withdrawal charge. Who will prevail? Why?

  Can you explain how to get the answer on the baii

An investment is expected to yield $300 in three years, $500 in five years, and $300 in seven years. What is the present value of this investment if our opportunity rate is 5%? Can you explain how to get the answer on the BAII?

  Benefits of global expansion in the cement industry

Illustrate what are the benefits of global expansion in the cement industry? Explain how do you account for the success of CEMEX's global expansion strategy.

  Recommended community-public health

Summary of recommended community/public health resources needed to better address health issue within target population on the challenge of PTSD and its effect on veterans. 2-3 pages please ( also if possible need two slides associated to topic to..

  Knowledge base that is integrated with other disciplines

The professional logistics manager must develop a knowledge base that is integrated with other disciplines.

  State to lawfully engage in actions

How is that the law permits the state to lawfully engage in actions which, if undertaken by individuals, would land them in jail? And how do you tell when a law

  Uniform commercial code makes to the common law of contract

1. What are some of the major changes that the Uniform Commercial Code makes to the common law of contracts? Why must a merchant in particular be keenly aware of the UCC?

  Required unit sales increase necessary

What is the required unit sales increase necessary to break even? B/E unit volume increase = (7/28.8-7))*100 = 32.1%

  What are the strategic options that he can pursue

What are the key strategic issues that Bill Avery needs to address? What are the strategic options that he can pursue?

  Appropriate for staffing group-ethnocentric model

Which model will be most appropriate for staffing each group: ethnocentric model, polycentric model, or global model? Explain your reasoning for each case.

  Exercising corporate ethics-social responsibility

In this case what is the difference between being in compliance with the law and exercising corporate ethics/social responsibility?

  Re-run the program with a different input

Use JGrasp to complete the following programs and understand what they do. Some of these programs are similar to those you completed in Lab #6.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd