1) apply, such as returning the property in broom-clean condition with all appliances. An alternative to a legal eviction following foreclosure. The occupant receives cash funds from the servicer in exchange for turning in the keys and vacating the property. Certain conditions apply, such as returning the property in broom-clean condition with all appliances.   a) Cash-for-Keys b) Credit-for-keys c) Cash maintenance d) Cash-for-keys advance 2) An account in default with an original creditor and sold to a third-party debt collector that will continue attempts to collect past-due payments. a) Collect b) Collection c) Claim 3) A private-sector loan is typically issued to borrowers with high credit ratings. Excludes subprime loans or mortgages insured by the U.S. government.  a) Convenient Mortgage b) Conventional Mortgage c) Receptive Mortgage d) Traditional Mortgage 4) A rate that calculates a borrower’s total monthly debt, including housing and other debt obligations, as a percentage of gross monthly income. Frequently used by lenders to qualify borrowers for a mortgage. Also called a back-end ratio.  a) Debt without Income Ratio b) Debt and Income Ratio c) Credit-to-Income Ratio d) Debt-to-Income Ratio 5) The inability to make timely payments or fulfill legal obligations of loan terms. Mortgage loans are typically considered in default when a payment has not been made after 60 to 90 days. a) Ruin b) Default c) Norm d) Insolvency 6) Assessment of liability by a court against a homeowner for the unpaid balance owed to the servicer after a foreclosure, short sale, or deed-in-lieu if the sale does not cover the full amount owed.  a) Deficiency Judgement b) Effective Judgement c) Efficient Judgement d) Lack of Judgement 7) The failure of a borrower to make timely mortgage payments under a loan agreement. Most mortgages allow for a grace period, generally ten to fifteen days, before a late fee may be assessed.   a) Overdue b) Owed c) Outstanding d) Delinquent 8) A process that occurs when the servicer moves forward with foreclosure while simultaneously working with the borrower to avoid foreclosure. Restricted by the CFPB mortgage servicing regulations.  a) Delinquent Tracking b) Dual Tracking c) Duet Tracking d) Dismissal Tracking 9) A household budget created to increase savings, reduce expenses, and/or pay down debt in financial emergency situations.  a) Rainy Day Budget b) Trouble Budget c) Crisis Budget d) Emergency Budget 10) A legal process in which mortgaged property is sold to pay the loan of a defaulting borrower. Foreclosure laws are based on the statutes of each state.  a) Impound b) Foreclosure c) Forestall d) Dispossess 11) A home equity line of credit, or HELOC, is a line of credit that you can take from at any time during the draw period, up to your credit limit. Typically, the draw period is 10 years and the repayment period lasts 15 years.  a) Home Equity Line of Credit HELOC b) Home Estimate Line of Credit HELOC c) Home Especially Line of Credit HELOC d) Home Expressed Line of Credit HELOC 12) In relation to credit, a court order mandating that a debtor pay a creditor a specified sum of money, often in collection of a debt. The record remains on a debtor’s credit report for seven years whether paid or unpaid, but the negative effect is greater if unpaid.   a) Determination b) Conclusion c) Decision d) Judgment 13) A legal claim against a property that secures the property as collateral if a debtor fails to meet loan obligations. Acts as a defect on the title and must be settled before transfer of ownership.  The lien holder, or creditor granting the loan, releases the lien when the loan is paid in full. a) Lien b) Lean c) Lein d) Grant 14) The process of accelerating the payment of the full loan balance. Once a homeowner is in default for a certain period of time, a clause in many promissory notes allows lenders to demand immediate payment of the remaining loan balance.   a) Credit Acceleration b) Lien Acceleration c) Lease Acceleration d) Loan Acceleration 15) Form that a borrower must complete to be considered for mortgage loan modification options a) Request for Moral Assistance (RMA) b) Request for Maintenance Assistance (RMA) c) Request for Mortgage Assistance (RMA) d) Request for Management Assistance (RMA) 16) The process in which important documents that require careful review are signed automatically like a robot, by someone who does not follow appropriate procedures or verify information. A common practice in the foreclosure crisis.   a) Robot-Signing b) Robo-Signing c) Robo-Signage d) AI-Signing 17) An act that protects military personnel and their dependents in issues related to housing, including certain protections against default judgments, foreclosure, and eviction. a) Servicemember Relief Act b) Servicemember Reserve Act c) Servicemember Replacement Act d) Servicemember Substitute Act 18) A company that handles all the administrative aspects of a loan from the closing to mortgage payoff, including handling the payments, escrow, and all documentation for records. a) Services b) Servicers c) Servers d) Servings 19) The amount of income left over after all financial obligations are met. Calculated by subtracting expenses from net income. a) Excess Income b) Overload Income c) Surfeit Income d) Surplus Income 20) Loans to borrowers with poor credit. Typically charge higher interest rates to insure against losses. a) Subprime Lending b) Superb Lending c) Subline Lending d) Selecting Lending 21) Refer to the Internal Revenue Service, or IRS, for information about tax consequences for each disposition option. a) Tax Replacement b) Tax Substitute c) Tax Relief d) Tax Reserve 22) What does HOEPA stand for? a) Home Ownership and Equal Protection Act b) Home Ownership and Equity Protection Act c) Home Ownership and Equality Protection Act d) Home Ownership and Evaluation Protection Act 23) What does HOEPA do? a) An amendment to the Truth in Lending Act (TILA) b) incorporates the High-Cost Mortgage and Homeownership Counseling Amendments to the Truth in Lending Act (Regulation Z) and Homeownership Counseling Amendments to the Real Estate Settlement Procedures Act (Regulation X) c) Helps incorporate Homeownership and TILA 24) What are the 4 c's of credit? a) Capacity, Capital, Collateral, and Credit. b) Capacity, Coffers, Collateral, and Credit. c) Capacity, Cash, Collateral, and Credit. d) Capability, Capital, Collateral, and Credit. 25) What is the eviction process in legal order? a) Cure, Pay or Quit notice, Quit or Unconditional Quit Notice, Unlawful Detainer, Court Hearing, Notice of Petition, Final Judgement, Writ of Possession, Eviction b) Pay or Quit notice, Cure, Quit or Unconditional Quit Notice, Unlawful Detainer, Notice of Petition, Court Hearing, Final Judgement, Writ of Possession, Eviction

(2) My Baby's Housing Counselor Quiz! Definition Edition!

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