52) A promise lacks consideration if a person promises to perform an act or do something he is already under an obligation to do. This is called a(n) ________. 52) A) illusory promise B) preexisting duty C) illegal consideration D) gift promise 53) Dean Campenella is a detective with the California state police.
What about first-time home buyers or those with little to no equity? In today's market, it is prohibitive even for the most frugal of first-time home buyers to come up with a traditional down payment. Houses that sell for $200,000 would require a down payment of $20,000 to $40,000, but there are options. Let's look at some of them.
According to the U.S. Census Bureau, the average price for a new home sold in the United States in 2009 was $270,900. But that's not the amount you'll borrow. You usually pay some money up front---a down payment. You may have $100,000 to use for a down payment, so your mortgage payment will be based on borrowing $170,900.