Business

Cordova

24 June, 08:59

Tranh owns a home with a fixed-rate mortgage. unfortunately, the real estate market has a downturn, and his home is now worth less than he owes on the mortgage. in addition, tranh is laid off from his job. rather than go through the time and cost of a foreclosure, the bank gives tranh permission to sell the property for the market value and agrees to forgive the balance of the loan. this is called:

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