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?
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?
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?
- 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.