FREDDIE MAC - CREDIT LATEST
SMART EXAM
All households should have an emergency kit (select all items to include
in the kit): - ANSWERS---Maps
--Cash
--Water
--Non-perishable food items
--Batteries
--Flashlights
--Can opener
--First aid kit
When disaster strikes, do the following (select all that apply): -
ANSWERS---Implement your emergency plan
--Seek safe shelter
--Contact your insurance company
--Contact FEMA for assistance
--Contact your mortgage loan servicer for mortgage relief options
Home safety practices include (select all that apply): - ANSWERS---
Keep bushes and shrubs trimmed back
END OF
PAGE
1
, FREDDIE MAC - CREDIT LATEST
SMART EXAM
--Keep electrical systems up-to-date and resolve questionable electrical
issues immediately
--Clean out your dryer vents every six months
--Establish a meeting point on your property, outside of your home, for
your family members to meet in case of an emergency inside the home.
Someone offers you fast cash for the title to your home, but leaves you
saddled with the mortgage obligation. - ANSWERS-Home Title Scam
The contractor asks for money up front and leaves after completing little
or no repair work. - ANSWERS-Home Improvement Loan Scam
Someone offers to loan you money for home repairs while you wait for
your insurance money. - ANSWERS-Post-Disaster Insurance Scam
Homeowner is charged rent to stay in his/her home with the promise that
he/she can purchase the home back when his/her financial situation
improves. - ANSWERS-Foreclosure Rescue Scam
It's important for consumers to be aware of online scams and to practice
good cybersecurity habits. - ANSWERS-True
END OF
PAGE
2
, FREDDIE MAC - CREDIT LATEST
SMART EXAM
Selling your home for less than what you owe on the mortgage with the
loan servicer writing off the remaining mortgage balance. - ANSWERS-
Short Sale
If the loan servicer is agreeable, this permits another qualified buyer to
take over your mortgage debt and the mortgage payments. - ANSWERS-
Assumption
The loan servicer might agree to put the foreclosure on hold to give you
some time to sell your home. - ANSWERS-Selling Your Home
The loan servicer accepts the transfer of the title of the home back to
them in exchange for cancellation of your mortgage debt. - ANSWERS-
Deed in Lieu of Foreclosure
The following are alternatives to foreclosure (select all that apply): -
ANSWERS---Reinstatement
--Forbearance
--Loan modification
--Repayment plan
END OF
PAGE
3
SMART EXAM
All households should have an emergency kit (select all items to include
in the kit): - ANSWERS---Maps
--Cash
--Water
--Non-perishable food items
--Batteries
--Flashlights
--Can opener
--First aid kit
When disaster strikes, do the following (select all that apply): -
ANSWERS---Implement your emergency plan
--Seek safe shelter
--Contact your insurance company
--Contact FEMA for assistance
--Contact your mortgage loan servicer for mortgage relief options
Home safety practices include (select all that apply): - ANSWERS---
Keep bushes and shrubs trimmed back
END OF
PAGE
1
, FREDDIE MAC - CREDIT LATEST
SMART EXAM
--Keep electrical systems up-to-date and resolve questionable electrical
issues immediately
--Clean out your dryer vents every six months
--Establish a meeting point on your property, outside of your home, for
your family members to meet in case of an emergency inside the home.
Someone offers you fast cash for the title to your home, but leaves you
saddled with the mortgage obligation. - ANSWERS-Home Title Scam
The contractor asks for money up front and leaves after completing little
or no repair work. - ANSWERS-Home Improvement Loan Scam
Someone offers to loan you money for home repairs while you wait for
your insurance money. - ANSWERS-Post-Disaster Insurance Scam
Homeowner is charged rent to stay in his/her home with the promise that
he/she can purchase the home back when his/her financial situation
improves. - ANSWERS-Foreclosure Rescue Scam
It's important for consumers to be aware of online scams and to practice
good cybersecurity habits. - ANSWERS-True
END OF
PAGE
2
, FREDDIE MAC - CREDIT LATEST
SMART EXAM
Selling your home for less than what you owe on the mortgage with the
loan servicer writing off the remaining mortgage balance. - ANSWERS-
Short Sale
If the loan servicer is agreeable, this permits another qualified buyer to
take over your mortgage debt and the mortgage payments. - ANSWERS-
Assumption
The loan servicer might agree to put the foreclosure on hold to give you
some time to sell your home. - ANSWERS-Selling Your Home
The loan servicer accepts the transfer of the title of the home back to
them in exchange for cancellation of your mortgage debt. - ANSWERS-
Deed in Lieu of Foreclosure
The following are alternatives to foreclosure (select all that apply): -
ANSWERS---Reinstatement
--Forbearance
--Loan modification
--Repayment plan
END OF
PAGE
3
