Sally and Ed each own property with a fair market value less than the amount of the outstanding mortgage on the property and also less than the original cost basis.They each were able to convince the mortgage holder to reduce the principal amount on the mortgage.Sally's mortgage is on her personal residence and Ed's mortgage is on rental property he owns.
Definitions:
Rods
Photoreceptor cells in the retina of the eye that function well in low light and are primarily responsible for black-and-white vision.
Cones
Cells in the eye's retina known as photoreceptors work optimally in well-lit conditions and allow for the recognition of different colors.
Color Receptors
Specialized cells in the retina of the eye responsible for detecting color through the absorption of light at varying wavelengths.
Wavelengths
The length separating consecutive peaks of a wave, particularly in sound or electromagnetic waves.
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