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1.
Which of the following can a mortgage modification program NOT do for you?
Buy your home from you. Modification programs are not involved in buying homes.
2.
In order to benefit from a mortgage modification program, a person must be in default.
False. A person need not be in default to qualify for some programs, though he or she must be for certain others.
3.
If you are in foreclosure with your home and a person contacts you with the promise to "save" your home in return for you paying a fee, that person _______.
Is a scammer. Legitimate representatives don't act in this manner.
4.
Federal programs for homeowners facing foreclosure are available to all homeowners, regardless of their situation.
False. There are many requirements that homeowners must meet, some of them quite demanding.
5.
How do the federal government programs that help homeowners facing foreclosure typically work?
They modify the mortgage loans. These programs modify the loans in various ways in order to reduce homeowners' monthly payments.