Colin's Home Declines Substantially in Value

question 51

Multiple Choice

Colin's home declines substantially in value.Colin gets his lender's permission to sell his home for less than the balance due on his mortgage loan.Colin still owes the balance of his debt to his lender.This is

• A)forbearance.
• B)a short sale.
• C)foreclosure.
• D)deed in lieu of foreclosure.

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Definitions:

Functionalists

A perspective in sociology that sees society as a complex system whose parts work together to promote solidarity and stability.

Conflict Theorists

Scholars who emphasize the role of coercion and power in producing social order, typically focusing on the conflict between different social classes or groups.

Approaches

Various methods or strategies employed in addressing problems, conducting research, or implementing plans.

Assimilation

The process by which individuals or groups of differing ethnic heritage are absorbed and incorporated into the dominant culture of a society.