what would happen if the family owed $10,000 on the property, but were only able to sell it for $6,000?

History

1 answer:

True [87]3 years ago

5 0

The about the given question is explained below.

Explanation:

If a family owed 10 thousand dollar on the property, which means, they borrowed the amount against their property, and then they were unable to return the loan of 10 thousand dollars against their property.

So the person or bank or institution who gave them loan, will be liable to sell their property and will take their loan back from them by selling it.

But the question is, if their property's worth is less than the amount owned, then what they will do. So the answer is, they will have to pay them extra money to return their full loan of 10 thousand dollars.

If the property is sold for 6 thousand dollars and the family owned 10 thousand dollars, they will have to pay back another 4 thousand dollars to the lender.

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