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1.
When negotiating with a lender about overdue mortgage payments, the lender may offer you several options to help you avoid foreclosure, including _______.
Rewriting the loan. Many lenders would rather take steps such as rewriting the terms of the loan than foreclosing on the loan.
2.
If you've got a lot of debt and you want help speaking to your creditors, contact a _______.
Non-profit debt counseling organization. These agencies have trained counselors who can help you talk to your creditors and work out a payment plan.
3.
In most cases (except for child support, student loans, and back taxes owed), a creditor can get a court order to garnish up to only _______ of your net pay.
25%. The most a creditor can get out of your pay is 25%, except for child support obligations, student loans, and back taxes. Those cases can get more out of you.
4.
Which of the following is true regarding an essential debt?
Payment cannot be put off long without serious consequences. The consequences for delayed payment of non-essential debts are not as severe.
5.
Bill collectors are allowed to call you late at night to demand payments from you.
False. Federal law prohibits bill collectors from calling you in the early mornings and late evenings, harassing you, making unauthorized charges, making false statements to you, and contacting you at work.