Foreclosure is a topic that should be taken very seriously. Most often, when you go through foreclosure you’ll have to leave your home, and it will become a public record.
Watch the video to learn more about Understanding Foreclosure, then test your knowledge at the end of the lesson.
How long does a foreclosure stay on your credit report (from the date your mortgage first becomes delinquent)?
A. 3 years
B. 5 years
C. 7 years
D. 10 years
In general, how long after nonpayment of mortgage does a lender begin foreclosure actions?
A. 90 days of missed payments
B. 120 days of missed payments
C. 220 days of missed payments
D. One year of missed payments
Public notice signals the start of the pre-foreclosure period, and you’ll typically have 90 days to take action.
A. True
B. False