Katie's bank foreclosed on her office building when she stopped making loan ayments. The loan was...
Katie's bank foreclosed on her office building when she stopped making loan ayments. The loan was secured by the building when she purachased it three years ago for $500,000. Katie's From 1099a indicated that the debt at the time of foreclosure was $470,000 and the FMV of the building was $510,000. If the building is sold for the FMV, how much of Katie's personal assets can the bank attempt to collect o satisfy the judgement? which of the following is correct?
0
$10,000
$30,000
$40,000
Homework Answers
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AS FOR GIVEN DATA..
| Option is 1 | 0 | because amount of debt is 470000 while building is sold for 510000 that is at fair value so entire amount of bank debt would be collected from the sale proceeds of building so there is no need to take Katie's personal assets to collect the amount of loan. |
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Katie's bank foreclosed on her office building when she stopped
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7 Question 30 of 50. Sarah's bank foreclosed on the office building she purchased four years...
7 Question 30 of 50. Sarah's bank foreclosed on the office building she purchased four years ago for $450,000, when she stopped making loan payments on the loan securing the building. Sarah's Form 1099-A indicated that the debt at the time of foreclosure was $420,000 and the FMV of the building was $460,000. If the building is sold for the FMV, how much of Sarah's personal assets can the bank attempt to collect to satisfy the judgement? $40,000 $30,000 $10,000...
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to Dave Verden on the analysis of Jones’ financing needs?
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7 Question 30 of 50. Sarah's bank foreclosed on the office building she purchased four years ago for $450,000, when she stopped making loan payments on the loan securing the building. Sarah's Form 1099-A indicated that the debt at the time of foreclosure was $420,000 and the FMV of the building was $460,000. If the building is sold for the FMV, how much of Sarah's personal assets can the bank attempt to collect to satisfy the judgement? $40,000 $30,000 $10,000...
Read below and answer, Why does a business that has profit of
$30,000 per year need a bank loan?
Jones Electrical Distribution After several years of rapid growth, in the spring of 2007 Jones Electrical Distribution anticipated a further substantial increase in sales. Despite good profits, the company had experienced a shortage of cash and had found it necessary to increase its borrowing from Metropolitan Bank-a local one- branch bank-to $250,000 in 2006. The maximum loan that Metropolitan would make...
Please read the facts of the case and prepare answers for the
following questions :
1 – What is the relevance of the $2,000 monthly payment
to Dave Verden on the analysis of Jones’ financing needs?
2 – What metrics could you use to compare the historical financial
results for Jones with the projected financial results under the
four defined scenarios?
3 – Other than financing needs, what other issues should Jones
address as he considers the different growth
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