Foreclosure

Front

If the foreclosure was initiated but the house was not taken and it has a zero balance it’s considered as a Paid was foreclosure.

Back

True

Front

This is considered a paid foreclosure when the house is taken and sold by the creditor and no remaining balance.

Back

True

Front

How should we update a “Deficiency balance” scenario if it’s considered as an unpaid charge off by the creditor?

Back

Unpaid charge off account

Front

What type of foreclosure determines that the house was taken but not sold and there is an outstanding balance?

Back

Unpaid Foreclosure

Front

What is a short-sale?

Back

The homeowner sells his or her home to a third party usually for less than the total debt remaining on the mortgage.

Front

What is a deed in lieu?

Back

The homeowner voluntarily transfers title to the property to the lender in exchange for a release from the mortgage obligation.

Front

How must the rating be updated on a paid was foreclosure?

Back

01

Front

What does repossession stand for?

Back

Refers to a financial institution taking back the car that was used as collateral.

Front

How must the rating be updated on an Unpaid Repossession?

Back

08

Front

What information must always be obtained and added to CMS notes when updating a mortgage that went into foreclosure? Options: Payment amount, PO Box, Property address, Deficiency balance

Back

Property address