Lisa purchased her home 5 years ago for $265,000. Lisa stopped making payments on her home loan, id unfortunately, the real estate market has gone down significantly in recent years. Lisa needs to sell her me immediately to avoid foreclosure; however, her property is now only worth $189,000. What should sa do next? Work with her lender to sell her property as a short sale. Take out a second mortgage to catch up on her home loan payments. Sell her property off as an REO. Simply walk away from the property.

Lisa purchased her home 5 years ago for $265,000. Lisa stopped making payments on her home loan, id unfortunately, the real estate market has gone down significantly in recent years. Lisa needs to sell her me immediately to avoid foreclosure; however, her property is now only worth $189,000. What should sa do next? Work with her lender to sell her property as a short sale. Take out a second mortgage to catch up on her home loan payments. Sell her property off as an REO. Simply walk away from the property.

Foundations of Business - Standalone book (MindTap Course List)

4th Edition

ISBN:9781285193946

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Chapter15: Using Management And Accounting Information

Section: Chapter Questions

Problem 5DQ

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