A borrower had submitted a loan application and was approved. She submits a change to her application, and it is now denied. Which of the following changes will most likely result in a loan being denied? The borrower begins to receive public assistance. The borrower mistakenly omitted a previous residence. The borrower is going to take maternity leave from her employer. D] The borrower assumes additional debt that was not previously reported.

A borrower had submitted a loan application and was approved. She submits a change to her application, and it is now denied. Which of the following changes will most likely result in a loan being denied? The borrower begins to receive public assistance. The borrower mistakenly omitted a previous residence. The borrower is going to take maternity leave from her employer. D] The borrower assumes additional debt that was not previously reported.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 2BCRQ

See similar textbooks

Similar questions

1. which of the following life situations does not qualify you for a student loan deferment A. Long term disabilitu B. Currently enrolled college C. Religious commitment/serivce D. Recently fired/loss of job
A lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If he accepts, which of the following will be TRUE? a. Because it is voluntary, it will not be an adverse item on the buyer's credit. b. The lender will take the title subject to any junior liens. c. The lender will usually retain his rights under mortgage insurance or VA guarantee. d. The loan will still be assumable.
A couple applied for a loan to finance the purchase of a new home. What federal act was created to ensure that they have knowledge of all closing costs? a. fair credit reporting act b. equal credit opportunity act c. uniform settlement act d. real estate settlement procedures act
Cancellation of Debt Income Question 9 of 75. Which of the following is generally excluded from cancellation of debt income without having to prove insolvency? O Credit card principal from a personal expense. A mortgage on a qualified principal residence that was secured by the residence. A recourse loan with no pledged property as collateral. Student loans that were canceled due to nonpayment. Mark for follow up Question 10 of 75. Arthur has a nonrecourse loan financed by his bank. This means that O Arthur must recognize ordinary income if this debt is canceled. Arthur will not recognize gain or loss on the disposition of the property. The lender has no right to seek payment from Arthur for any debt in excess of collateral. O The lender may not foreclose or repossess the property that secures the debt. Mark for follow up Question 11 of 75. Unless an exception or exclusion applies, in what specific order must tax attributes be reduced? O Basis of all property, net operating loss (NOL),…
A owes B. B assigns the credit to C. B is in good faith. It was greed that B would be responsible for A’s solvency. The parties did not agree on the duration of the liability. If the debt was due July 6, 2019 and the assignment was made August 8, 2019. Until when is the guaranty?
Which of the following statements regarding the adoption expenses credit is not true? Group of answer choices a. The adoption expenses credit NOT allowed if the adoption falls through. b. Adoption expenses paid prior to the year of adoption are not eligible for the credit until the year the adoption is finalized. c. The adoption expenses credit is a nonrefundable credit. d. Qualified adoption expenses include reasonable and necessary adoption fees, court costs, attorney fees and other directly related expenses.
Even if you default on your mortgage loan the lender can not begin foreclosure proceedings until the Federal government approves. True or False
As the legal representative of your sister's estate, you would like to prepare an optional return for income from rights or things. Which of the following sources of income would you not include on the rights and things return? a) Interest from a savings account at a chartered bank earned prior to death. Uncashed matured bond coupons. c) Harvested farm crops. b) Unpaid dividends declared before d) the day the person died but receivable after her death.
Before a person's discharge from bankruptcy, are their any legal restrictions on such a person's ability to obtain credit?
How are claims against a decedent’s estate discovered by an executor? Choose the correct.a. Public notice must be printed in an appropriate newspaper to alert all possible claimants.b. The executor waits for nine months until all possible bills have been received.c. The executor directly contacts all companies that the decedent did business with.d. Claims the estate is to pay are limited to all of the bills received but not paid prior to the date of death.
Kareem is a junior accountant. He is unsure about the accounting treatment of debt callable and would like to know where is debt callable by the creditor reported on the debtor's financial statements? Select one: а. Non-current liability. O b. Current liability if it is probable that creditor will call the debt within the year, otherwise a non-current liability. Current liability if the creditor intends to call the debt within the year, otherwise О с. a non-current liability. O d. Current liability.
Mary purchases a property with the help of a fixed-rate loan. Why is Mary considered the mortgagor and the lender the mortgagee? Mary is not considered the mortgagor. Since she received a loan from a lender, she is considered the mortgagee. • O A mortgage is a legal document that gives the lender the right to foreclose on the property if Mary defaults on the loan. Mary gives this security to the lender, and in return, the lender gives Mary the loan. Since Mary is giving the mortgage to the lender she is considered the mortgagor. Since Mary recently obtained the loan, she is still considered the mortgagor. Once the loan is paid off, she will be considered the mortgagee. O Since Mary obtained a fixed-rate loan, she is considered the mortgagor. If she obtained any other type of loan, she would be considered the mortgagee.