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Avoiding Foreclosure Quick Quiz
| Tips to Remember |
Financial problems don’t usually happen overnight; learn to recognize the warning signs early.
If you are experiencing financial difficulties, there are immediate steps you can take to avoid foreclosure on your home:
- Seek financial counseling right away
- Call your mortgage company and creditors
- Be honest with your creditors
- Don't be discouraged
- Begin to save as soon as possible
Use a checklist to perform and keep track of maintenance tasks to maintain the value of your home and prevent costly repairs. |
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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?
That's incorrect. Creating an emergency fund is being financially responsible.
That's correct. Paying for day-to-day necessities with credit is a warning sign of financial problems.
That's correct. Maxing out credit cards can be an early indicator of financial problems.
That's correct. Being unable to pay bills on time is a financial problem.
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Early steps to preventing foreclosure include:
That's correct, but all the other answers are also goods steps to preventing foreclosure.
That's correct, but all the other answers are also goods steps to preventing foreclosure.
That's correct, but all the other answers are also goods steps to preventing foreclosure.
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True or False: Once you've missed a mortgage payment there is nothing you can do.
That's correct. Call your lender immediately to find out what your options are.
That's incorrect. Call your lender immediately to find out what your options are.
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When faced with foreclosure which of the following should you do?
That's correct. As soon as you realize you are having problems, call your lender. The sooner you call the more options you are likely to have.
That's incorrect. Predatory lenders often prey on people at risk of losing their homes. Talk to your lender, not to lenders who contact you.
That's incorrect. Your lender may be trying to find a way to help you keep your home; don't ignore mail or calls from your lender.
That's incorrect. In order to qualify for assistance, homeowners are often required to be living in their home.
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True or False: Housing counseling is expensive.
That's correct. There are many reputable housing counselors that cost very little or are free of charge.
That's incorrect. There are many reputable housing counselors that cost very little or are free of charge.
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