Avoiding Foreclosure Quick Quiz
Now that you’ve completed the Avoiding Foreclosure section put your knowledge to the test.
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Which of the following is a warning sign of financial problems?
A. Maxing out credit cards B. Being unable to pay bills on time C. Creating an emergency fund savings account instead of purchasing a luxury item D. Using your credit card to pay for things like groceries -
Early steps to preventing foreclosure include:
A. Saving money B. Reducing expenses C. Calling your lender D. Talking to a housing counselor -
True or False: Once you've missed a mortgage payment there is nothing you can do.
True False -
When faced with foreclosure which of the following should you do?
A. Talk to your lender. B. Move out of your house C. Ignore mail and phone calls from your lender D. Work with a lender who contacted you with a "rescue" scheme -
True or False: Housing counseling is expensive.
True False
Tips to Remember
- Hiring a professional home inspector to inspect a property before you purchase it can be one of the most important things you do to make sure your home is in good condition.
- Homeowner's insurance protects you and your mortgage lender from things that can go wrong, including: casualty, liability, and theft or damage to personal property.
- The closing date is set when your mortgage is approved and you sign a commitment letter with your lender. Make sure the closing date is before your lock-in interest rate expires.
- Ask for the closing documents before the actual closing and read them carefully. Understand what you'll be asked to sign at the closing and the total amount you will be expected to pay. Obtain legal advice, if necessary, to thoroughly understand the documents.