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Understanding Foreclosure & Your Alternatives Quiz

If you’re struggling to make your mortgage payments due to a financial hardship, understanding what options are available to you can help you make informed decisions.

Start by educating yourself about foreclosure, options to stay in your home and options to leave your home. Then, test your knowledge with this quiz.

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True or false: Loan servicers benefit when a home goes into foreclosure because they can take back ownership of the mortgaged property and sell it to pay off the loan.
If you experience a change in your financial situation and think that you might fall behind on your mortgage payments, what is your best course of action?
With a __________, your loan servicer may be able to restructure your mortgage by adjusting your interest rate, changing the loan type, or even extending the number of years you have on your loan.
What is it called when a loan servicer agrees to let you sell your home for less than is owed on the mortgage?
True or False: People who have their home foreclosed upon are not able to purchase a home in the future.

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