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Foreclosure Quiz
by Staff
This foreclosure quiz could keep you out of the red. Test yourself with this foreclosure quiz.

Nationwide, approximately how many households received a foreclosure notice in 2008?

  • 1 in 88
  • 1 in 101
  • 1 in 54

What is RealtyTrac?

  • A real estate site exclusively for lenders and bank owners.
  • A massive online database of foreclosed or below-market-value properties.
  • A Web site that allows you to track your home's value in real-time.

What does the term "underwater" mean?

  • You owe more on your mortgage than your home is worth.
  • You have missed one or more mortgage payments, so foreclosure proceedings can technically begin.
  • "Underwater" homeowners have abandoned their foreclosed homes and are often not able to be contacted by their lenders.

Which U.S. state was hardest hit by foreclosures in 2008?

  • Florida
  • Arizona
  • Nevada

Think you're going to miss a payment? Which of the below is the best course of action?

  • Contact your lender.
  • Talk to your financial adviser or the Federal Housing Authority.
  • Either of the above.
  • None of the above.

Which of the below terms might you need to know if you have temporary problems meeting your mortgage payments?

  • Reinstatement
  • Forbearance
  • Repayment plan
  • All of the above.

What is mortgage modification?

  • When your lender agrees to change the terms of your mortgage to make it more affordable.
  • When your lender agrees to suspend your payments temporarily.
  • When your home is eligible for natural disaster relief.

What is a "redemption period"?

  • The 30 days after a missed mortgage payment in which you can pay without penalty.
  • The period of time after your home has been sold at a foreclosure sale and you may be able to reclaim it.
  • A grace period given by Freddie Mae and Freddie Mac.