Penalties for late payments, liens, foreclosures, and garnished wages are steps a lender can take when you:A.leave a lien on a loan.B.fail to secure your loan.C.leave a loan unsecured.D.fail to pay back a loan.

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

What can happen if you do not pay back money you have borrowed?A.You can be charged penalties and fees.B.You can ignore late payment notices.C.You can be offered more credit.D.You can get an increase in your credit.SUBMITarrow_backPREVIOUS

A person who fails to make loan payments on time is likely to face which consequence?A.Being arrested and charged with bank fraudB.Having his or her credit score greatly increasedC.Paying higher interest rates on future loansD.Being given a lower debt-to-income ratio

Foreclosure means a creditor can:A.repossess your property to sell to someone else.B.terminate your loan once it has been paid in full.C.collect additional interest when you default on a loan.D.put a lien on your property when you default on a loan.

Which of the following are consequences of nonpayment of debt obligations?Multiple select question.Debt obligations will be repaid by the FDIC.A firm may be forced to file for bankruptcy.The firm will encounter some form of financial distress.A firm may be taken over by the local government.