What is the first thing a lender might do if a borrower is late with a payment?A.The lender might charge the borrower a penalty.B.The lender might place a lien on the borrower's property.C.The lender might hire a collection agency.D.The lender might garnish the borrower's wages.SUBMITarrow_backPREVIOUS
Question
What is the first thing a lender might do if a borrower is late with a payment?A.The lender might charge the borrower a penalty.B.The lender might place a lien on the borrower's property.C.The lender might hire a collection agency.D.The lender might garnish the borrower's wages.SUBMITarrow_backPREVIOUS
Solution
The first thing a lender might do if a borrower is late with a payment is A. The lender might charge the borrower a penalty. This is usually the initial step taken, as it serves as a deterrent for future late payments. Other actions such as placing a lien on the borrower's property, hiring a collection agency, or garnishing the borrower's wages are typically subsequent steps if the borrower continues to default on their payments.
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