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Foreclosure Prevention Options
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Foreclosure Prevention Options

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Questions and Answers

What is the primary purpose of the Flex Modification program?

  • To provide a more stringent way of qualifying for a loan modification
  • To provide an easier, flexible way of helping more borrowers qualify for a loan modification (correct)
  • To offer a more complex process for evaluating borrower eligibility
  • To prioritize borrowers who are already 90 days delinquent

    • Which of the following is a key eligibility requirement for the Flex Modification program?

  • The borrower must have a minimum credit score of 700
  • The borrower must be less than 30 days delinquent
  • The borrower must occupy the property as a primary residence (correct)
  • The borrower must have been previously modified at least three times

    • What is the minimum delinquency period required for borrowers to be eligible for the Flex Modification program?

  • 30 days
  • 90 days
  • 120 days
  • 60 days (correct)

    • Which of the following types of mortgages is not eligible for the Flex Modification program?

    <p>FHA-insured mortgages</p> Signup and view all the answers

    What is the maximum number of previous modifications allowed for a loan to be eligible for the Flex Modification program?

    <p>Three</p> Signup and view all the answers

    Which of the following statements is true about borrowers who are 90 days delinquent?

    <p>They are not required to submit a Borrower Response Package (BRP)</p> Signup and view all the answers

    What is a GSE loan or mortgage?

    <p>A mortgage owned by Fannie Mae or Freddie Mac</p> Signup and view all the answers

    What was the primary goal of the Making Home Affordable initiative?

    <p>To set standards for mortgage assistance programs</p> Signup and view all the answers

    What type of homeowners were assisted by the Home Affordable Refinance Program (HARP)?

    <p>Those who were current on mortgage payments but unable to secure traditional refinancing</p> Signup and view all the answers

    What organization encouraged government-sponsored enterprises to offer products similar to HARP?

    <p>Federal Housing Finance Agency (FHFA)</p> Signup and view all the answers

    What type of refinance options were offered by Fannie Mae and Freddie Mac?

    <p>High loan-to-value (LTV) streamlined refinance options</p> Signup and view all the answers

    What program assisted homeowners who modified mortgages and needed additional assistance?

    <p>Home Affordable Modification Program (HAMP)</p> Signup and view all the answers

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