Ask Question
BusinessBusiness
13 December, 07:34

A buyer purchased a home under an agreement that made the buyer personally obligated to continue making payments under the seller's existing mortgage. if the buyer defaults and the court sale of the property does not satisfy the debt, the buyer will be liable for making up the difference. the buyer has

+3
Answers (1)
  1. 13 December, 08:36
    0
    A buyer purchased a home under an agreement that made the buyer personally obligated to continue making payments under the seller's existing mortgage. If the buyer defaults and the court sale of the property does not satisfy the debt, the buyer will be liable for making up the difference. The buyer has taken over/assume the sellers mortgage.

    Often, then this happens nothing about the loan changes besides who is paying for it. The payments, interest rates, and loan term agreements stay the same. Someone else just becomes financially responsible for the payments.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “A buyer purchased a home under an agreement that made the buyer personally obligated to continue making payments under the seller's ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
How can unemployment porvety n human rights be a challenge to social responsibility?
Answers (1)
Megan, Uma, and Ricardo all work for the same car insurance company. Megan is a Sales Agent, Uma is an Underwriter, and Ricardo is an Accident Investigator.
Answers (1)
A married couple living together own a small farm. They grow several crops, producing most of the food they consume and selling the excess for cash.
Answers (1)
What agency ensures no harmful ingredients used in making of toys
Answers (1)
The term commonly used in accounting to describe the format for recording a transaction is: general ledger journal entry trial balance chart of accounts
Answers (2)
New Questions in Business
Adam's bank account has a balance of $1213.69 before he starts spending money. He makes the following transactions: Transaction Cost ($) Car payment 260.16 Groceries 97.98 Parking ticket 75.00 DVD box set 115.35 Antique lamp 68.53 Suit 331.
Answers (2)
When is a goodwill impairment loss recognized? a. Annually on a systematic and rational basis. b. Never When both the fair value of a reporting unit and its associated implied goodwill fall below their respective carrying values. c.
Answers (1)
The back of a box of hinode harvest blend rice mix suggests cooking with chicken broth for added flavor. this is an example of
Answers (1)
Market failure occurs when Question 22 options: an unrestrained market economy leads to too few or too many resources going to a specific economic activity. one good is superior to another and drives it out of the market.
Answers (1)
Using accrual accounting, revenues are recorded a. when cash is received at the time services are performed or products have been delivered to customers b.
Answers (1)
Home » Business » A buyer purchased a home under an agreement that made the buyer personally obligated to continue making payments under the seller's existing mortgage.
Sign Up Forgot Password?