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Planning Intermediate: Federal Help to Avoid Foreclosure

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1.
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.
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.
Why were mortgage modification programs created?
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All of the above. The federal government created mortgage modification programs for all of these reasons.
4.
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.
5.
Mortgage loan modification programs exist to address foreclosures.
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True. The federal government created these programs to help homeowners in trouble.