Foreclosure

Foreclosure

Assessment

Flashcard

Professional Development

Professional Development

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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13 questions

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1.

FLASHCARD QUESTION

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

2.

FLASHCARD QUESTION

Front

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

Back

True

3.

FLASHCARD QUESTION

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

4.

FLASHCARD QUESTION

Front

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

Back

Unpaid Foreclosure

5.

FLASHCARD QUESTION

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.

6.

FLASHCARD QUESTION

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.

7.

FLASHCARD QUESTION

Front

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

Back

01

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