Understanding Foreclosure Process
Quiz
•
Other
•
Professional Development
•
Practice Problem
•
Hard
Cess Zamora
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8 questions
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1.
MULTIPLE SELECT QUESTION
20 sec • 3 pts
What are the Three Stages of The Foreclosure Process?
Pre-Foreclosure
Post Foreclosure
Origination
Foreclosure Sale
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Who owns the property in Pre-Foreclosure stage?
Borrower
Lender
Government
Bank
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do you call the notice sent to the borrower in the event that they fail to pay their obligations after 45 days in the Pre-Foreclosure Stage?
Default Notice
Notice of Sale
Missed Payment Notice
Foreclosure Sale
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To avoid foreclosure, the borrower can sell their property through a short sale during the post closure stage?
True
False
Answer explanation
Short Sale can only be done during the pre-foreclosure stage where the borrower is still the owner of the property.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the condition that a foreclosed, government-insured property needs to be in before the bank can give it to HUD?
Marketable Condition
ICC (In Conveyance Condition)
Move-in Condition
Ready for Sale Condition
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The notice sent to the borrower after 120 days of failing to settle their obligations?
Default Notice
Missed Payment Notice
Foreclosure Sale
Notice of Sale
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A condition wherein the property is said to be in "move-in" condition and ready to offer for sale with a real estate agent.
Broom-swept condition
Marketable Condition
ICC (In Conveyance Condition)
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