Understanding Foreclosure Process

What are the Three Stages of The Foreclosure Process?

• Pre-Foreclosure

• Post Foreclosure

• Origination

• Foreclosure Sale

Who owns the property in Pre-Foreclosure stage?

• Borrower

• Lender

• Government

• Bank

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

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.

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

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

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)

The foreclosure stage where transfer of ownership will either go to the bank or government depending on the type of loan

• Post Foreclosure

• Pre-Foreclosure

• Foreclosure Sale

• Sheriff's Sale