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Once the need for change has been identified,what would be the next step in the change process?
Legal Documents
Official papers that indicate agreement to terms, rights, and responsibilities, enforceable by law.
Collateralized
Secured by an asset or property as a guarantee to repay a loan.
Amortized
The process of gradually reducing a debt through regular payments over time, which include both principal and interest components.
Borrower Defaults
Borrower defaults occur when a borrower fails to meet the legal obligations of a loan, such as not making scheduled payments.
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