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Quiz: Don't Take My House!
by Staff
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
  • FALSE

True or False: It's best to hire someone to speak to your lender on your behalf.

  • TRUE
  • FALSE

If you're having trouble making your mortgage payments temporarily, which of the following would help you avoid foreclosure?

  • Deed-in-lieu
  • Loan modification
  • Special forbearance
  • Short sale

True or False: If you leave your home before you're kicked out, you may be liable for any damage that occurs.

  • TRUE
  • FALSE

Which of the following should you be wary of in the foreclosure process?

  • Mail from your bank
  • Contracts with third party services
  • Deed-in-lieu
  • FHA assistance programs

True or False: Going through foreclosure doesn't have any affect on your credit score.

  • TRUE
  • FALSE

True or False: Once your lender contacts a lawyer, a housing counselor can no longer help you.

  • TRUE
  • FALSE

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
  • FALSE

True of False: Foreclosure laws are the same in every state.

  • TRUE
  • FALSE

Which of the following is a temporary option some lenders might offer to save your home from foreclosure?

  • partial claim
  • HAMP
  • special forbearance
  • refinancing

What FHA program involves a one-time loan to help bring your mortgage current?

  • deed-in-lieu
  • partial claim
  • repayment program
  • HOPE NOW

As a last resort to avoid foreclosure, you could be eligible for relocation expenses if you and your lender agree to what?

  • partial claim
  • deed-in-lieu
  • advance claim
  • pre-foreclosure sale

True or False: Before you agree to anything that reduces your debt amount, you should contact a tax adviser.

  • TRUE
  • FALSE

Which of the following options will save your credit, but not your home?

  • abandoning your home
  • refinancing
  • short sale
  • 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.

  • TRUE
  • FALSE

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?

  • HOPE
  • HUD
  • ARM
  • short sale

Which of the following provides debt management and credit and foreclosure counseling to help homeowners manage their finances and prevent foreclosure?

  • HOPE NOW
  • ACORN
  • Freddie Mae
  • all of the above