Ruby is a homeowner with a mortgage loan. She's been missing payments, and recently received a notice from her lender that her loan is in default, and she will be required today the entire remaining balance or face foreclosure. What clause in her mortgage contract gave her lender the right to do this? prepayment penalty clause acceleration clause due on sale clause defeasance clause

Principles Of Marketing
17th Edition
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Kotler, Philip, Armstrong, Gary (gary M.)
Chapter1: Marketing: Creating Customer Value And Engagement
Section: Chapter Questions
Problem 1.1DQ
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Ruby is a homeowner with a mortgage loan.
She's been missing payments, and recently
received a notice from her lender that her loan is
in default, and she will be required today the
entire remaining balance or face foreclosure.
What clause in her mortgage contract gave her
lender the right to do this?
prepayment penalty clause
acceleration clause
due on sale clause
defeasance clause
Transcribed Image Text:Ruby is a homeowner with a mortgage loan. She's been missing payments, and recently received a notice from her lender that her loan is in default, and she will be required today the entire remaining balance or face foreclosure. What clause in her mortgage contract gave her lender the right to do this? prepayment penalty clause acceleration clause due on sale clause defeasance clause
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