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:
Operant Conditioning
A learning process in psychology where the strength of a behavior is modified by reinforcement or punishment.
Learned Association
Learned association is a fundamental concept in psychology that involves connecting two stimuli or events in the mind, leading to a change in behavior.
Behaviors
Actions or reactions of individuals or groups in response to external or internal stimuli.
Shaping
A method of teaching new behaviors by rewarding closer approximations of the desired behavior until the exact behavior is achieved.
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