Sometimes foreclosure is inevitable, but it helps if the process goes as smoothly as possible. Taking action as soon as you enter the pre-foreclosure period can help keep your credit intact and save you money.
Watch the video to learn about Making a Graceful Exit during foreclosure, then test your knowledge at the end of the lesson.
A pre-foreclosure sale avoids credit damage, but it only works if the fair market value of the home is higher than the remaining balance on your mortgage.
A. True
B. False
Which of the following statements best describes what happens in a deed-for-lease?
A. The lender essentially becomes your landlord
B. You hand over the deed to the lender
C. An automatic stay stops all collections
D. You sell your home for less than the balance owed
Why is it important to handle foreclosure carefully and responsibly?
A. If you don’t, it can severely damage your credit
B. Taking early action can save you money
C. You may be able to stay in your home longer
D. All of the above