The high number of foreclosures these days hasn't made the process any easier to understand. If you find yourself struggling to make your mortgage payments, you may be on the brink of losing your home. But before you do anything drastic like walking away from it altogether, make sure you fully understand the process and your rights. Test your knowledge of the foreclosure process in our 'Don't Take My House!' quiz.
True or False: Communicating with your lender is one of the best things you can do to avoid foreclosure.
True or False: It's best to hire someone to speak to your lender on your behalf.
If you're having trouble making your mortgage payments temporarily, which of the following would help you avoid foreclosure?
True or False: If you leave your home before you're kicked out, you may be liable for any damage that occurs.
Which of the following should you be wary of in the foreclosure process?
Mail from your bank
Contracts with third party services
FHA assistance programs
True or False: Going through foreclosure doesn't have any affect on your credit score.
True or False: Once your lender contacts a lawyer, a housing counselor can no longer help you.
Communication is key to saving your home. If you don't understand some kind of paperwork, which of the following should you NEVER do?
sign it anyway
seek advice from a lawyer
speak with a housing counselor
explore your other options
If you're having trouble making your payments, you should call your lender immediately and provide them with what information?
Why you are struggling to make your payment
Whether your situation is temporary or not
Your income, assets and expenses
all of the above
True or False: You may buy more time in the process if you ignore your mail and claim you were unaware of the foreclosure notices.
True of False: Foreclosure laws are the same in every state.
Which of the following is a temporary option some lenders might offer to save your home from foreclosure?
What FHA program involves a one-time loan to help bring your mortgage current?
As a last resort to avoid foreclosure, you could be eligible for relocation expenses if you and your lender agree to what?
True or False: Before you agree to anything that reduces your debt amount, you should contact a tax adviser.
Which of the following options will save your credit, but not your home?
abandoning your home
all of the above
Your home is in danger of foreclosure after four months of delinquent payments, but it is not actually in foreclosure until what happens?
your lender contacts a lawyer
the bank's lawyer sets a sale date
you receive a notice to accelerate
you abandon your home
True or False: Foreclosures cost lenders money, too.
Selling your home at fair market value is better than losing your home all together. Which of the following allows you to sell your home to avoid foreclosure?
Which of the following provides debt management and credit and foreclosure counseling to help homeowners manage their finances and prevent foreclosure?