The Difference Between the Amount Owed and What the Lender

question 123

Multiple Choice

The difference between the amount owed and what the lender collects at the short sale is referred to as the

• A)foreclosure fee.
• B)limited recourse loan.
• C)deficiency amount.
• D)upside down.

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Definitions:

Regressive Tax

A tax applied uniformly, taking a larger percentage of income from low-income earners than from high-income earners.

Proportional Tax

A taxation structure where the rate of tax stays the same, no matter the taxable amount.

Retail Sales Tax

A tax imposed on the retail price of goods and services paid by the consumer at the point of sale.

Easily Shifted

A descriptor for economic burdens or benefits that can be transferred or moved easily from one party to another.