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Foreclosure Prevention

Coffee Break Finance
Foreclosure Prevention
Foreclosure Prevention

Foreclosure Prevention

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Question 1 of 6

1. Question

If the remaining balance on your mortgage is more than your home is actually worth, which home retention option should you use?

Refinancing
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Mortgage modification
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Short sale
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Deed-in-lieu of foreclosure
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Question 2 of 6

2. Question

True or False: If you negotiate forbearance with your lender, you may be able to skip paying your mortgage for a few months without penalties.

True
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False
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Question 3 of 6

3. Question

Which of the following options does not leave you open to facing a deficiency judgement from the lender?

Short sale
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Deed-in-lieu of foreclosure
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Deed-for-lease
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Refinancing
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Question 4 of 6

4. Question

What is one thing you have to keep in mind when you refinance your loan to reduce the interest rate?

Your payments may be higher
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The lender can sue you for the difference in the balance owed
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You may have to pay another round of closing costs
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There may be credit penalties
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Question 5 of 6

5. Question

What is the common name for programs that help you make your mortgage payments if you’re unemployed or underemployed?

Hardest Hit Fund
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Forbearance
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Mortgage Modification
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Deed-for-Lease
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Question 6 of 6

6. Question

True or False: In an approved short sale the lender agrees not to seek a deficiency judgement against you for the remaining balance owed.

True
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False
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