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Planning Intermediate: Federal Help to Avoid Foreclosure

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1.
How do the federal government programs that help homeowners facing foreclosure typically work?
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They modify the mortgage loans. These programs modify the loans in various ways in order to reduce homeowners' monthly payments.
2.
A mortgage modification program can, in some cases, lower your monthly mortgage payment.
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True. Programs differ, but many of them feature lowered monthly payments.
3.
Mortgage loan modification programs exist to address foreclosures.
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True. The federal government created these programs to help homeowners in trouble.
4.
In order to benefit from a mortgage modification program, a person must be in default.
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False. A person need not be in default to qualify for some programs, though he or she must be for certain others.
5.
Federal programs for homeowners facing foreclosure are available to all homeowners, regardless of their situation.
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False. There are many requirements that homeowners must meet, some of them quite demanding.