When foreclosure is looming, there are strategies that offer a path to keeping your home such as mortgage forbearance, repayment plans, refinancing, and more.
Watch the video to learn about your Home Retention Options, then test your knowledge at the end of the lesson.
Mortgage forbearance is a home retention option that allows homeowners to avoid foreclosure by…
A. Temporarily transferring the title to someone else
B. Borrowing from pooled funds to cover hardship
C. Drastically lowering the APR on a mortgage
D. Temporarily pausing mortgage payments
Refinancing can be a good option for homeowners who:
A. Can’t afford their payments
B. Haven’t fallen behind on payments
C. Need a lower interest rate
D. All of the above
With mortgage modification, you can switch from a fixed-rate mortgage to an adjustable-rate mortgage – this way, market fluctuations help lower interest during certain periods.
A. True
B. False