Foreclosure, mortgage and loan quiz - answers
- From: Ablang <HilaryDuff011906@xxxxxxxxxxxxxxx>
- Date: Fri, 27 Jan 2006 22:45:59 -0800
Foreclosure, mortgage and loan quiz
By Holden Lewis ? Bankrate.com
Think you know all there is to know about mortgages and loans? Let's
find out. Answer the following five questions, then click "submit."
Your answers will appear below.
1.
You missed last month's mortgage payment and you can't make this
month's payment, either. Soon you're going to be more than 60 days
late. What should you do first?
You answered: Contact the mortgage servicer to find out my
options.
That's right. In most cases, the mortgage servicer -- that's
the company that you send payments to -- is required to explore ways
to get you back on track with your payments without burdening you too
much. In some cases, the only answers are foreclosure or a quick sale.
The mortgage servicer is supposed to avoid foreclosure if possible,
but your cooperation is necessary.
2.
You have decided to buy your first house. Which should you do
first?
You answered: Find out how much I can afford to pay for a
house.
Correct. You need to know how much house you can afford
before you look at houses and neighborhoods and before you decide
which type of mortgage to get.
3.
Which of the following is NOT a workout option that is sometimes
offered to homeowners who are behind on their mortgage payments?
You answered: A deed swap -- a contract to exchange your
quitclaim deed for a put option that gives you residency rights to the
property.
You're right -- there is no workout option called a deed
swap. This answer is gibberish. Beware scam artists who make offers
you can't understand.
4.
Which of the following is an excellent credit score?
You answered: 795
You nailed it. Credit scores go from a low of 300 to a high
of about 850. A score of 695 is good but not excellent, and a score of
795 is considered excellent.
5.
Which of the following is NOT the name of a major credit bureau?
You answered: EverQuest
Excellent! You're right -- EverQuest isn't a credit bureau;
it's an online role-playing game. The three major credit bureaus are
Equifax, Experian and TransUnion.
http://www.bankrate.com/nltrack/news/mortgages/20060119b1.asp?a945=2891&a946=2894&a947=2898&a948=2902&a949=2904&bttn_Submit=Submit
===
"Work like you don't need the money, Love like you've never been hurt, Dance like nobody's watching..."
-- Richard Leigh
_________________________________________
Usenet Zone Free Binaries Usenet Server
More than 140,000 groups
Unlimited download
http://www.usenetzone.com to open account
.
- Prev by Date: Re: Rounded wall corners seperating
- Next by Date: Mortgage borrowers know that they don't know much
- Previous by thread: Dolphin Pool Cleaner
- Next by thread: Mortgage borrowers know that they don't know much
- Index(es):
Relevant Pages
|
|
