Which option would most benefit these parties

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Reference no: EM131729131

Brendan borrows $150,000 from Countywide Credit Union to buy a home. The loan is a fixed-rate mortgage at 5.5 percent with a thirty-year term secured by Brendan’s home, which is his principal residence. When Brendan has paid off $10,000 of the mortgage—still owing $140,000—he loses his job and defaults on the loan. The market for homes has declined since Brendan took out the loan, and the value of the home at the time of default is $100,000. Despite the default,Brendan assures Countywide that he has accepted a new position, which will begin in six months.

Grading

1. What are Brendan’s options to recover the amount still owed on the mortgage?

2. Which option would most benefit these parties?

Reference no: EM131729131

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