Which One?

[cleung]

Of the 3 sentences below, which one is correct, please?

1) The only debt he has is the two mortgage loans on the house.

2) The only liabilities he has are the two mortgage loans on the house.

3) The two mortgage loans on the house are his only debt.

I think both #2 and #3 are correct, but is #1 also acceptable? Thank you.

[Tdol]

3- I'd say 'debts'
The problem with 1 is the singular/plural issue. In British English, we are very relaxed about this, so many would say that the sentence is fine, but the second does avoid the problem completely and rather neatly.