A lender is not likely to accept a short sale if any of the following are true, EXCEPT

if the seller has recently lost employment

Which of the following is NOT true regarding a lender's reporting options concerning a short sale?

a lender can report the short sale as "Level 11" no record of short sale

What is one of the most important parts of the contract package in a short sale?

any conditions stated as necessary by the lender as a condition to grant ok

In a foreclosure, the borrower

loses the property used as security for the loan.

is available in all states and requires court supervision

Refinancing a mortgage may be a realistic choice in all of the following circumstances EXCEPT

after the tax sale has been held

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Foreclosures, Shortsales, and REO's Questions 1

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Answers

1
A lender is not likely to accept a short sale if any of the following are true, EXCEPT
if the seller has a high salary in a stable job
if the seller has wasted the property
if the seller has the ability to pay debts
if the seller has recently lost employment
2
An account deemed uncollectible that is transferred to a category such as bad debt is called
a charge off
a reportable event
a debit
an unrated loss
3
When there is a short sale, other parties who may have to consent to a short sale include all of the following EXCEPT
loan insurers
bankruptcy trustees
various taxing authorities
the board of REALTORS
4
All of the following are common alternatives to foreclosure EXCEPT
sell the mortgaged property
agree to a short sale
agree to a deed in lieu of foreclosure
perform waste on the property
5
Which of the following is NOT true regarding a lender's reporting options concerning a short sale?
a lender can report the short sale as "Level 11" no record of short sale
a lender can report the sale as unrated
it can be reported as a foreclosure
more often the lender will report a short sale as settled
6
What is one of the most important parts of the contract package in a short sale?
form Z
the prospective buyers tax returns for the preceding 2 years
any conditions stated as necessary by the lender as a condition to grant ok
the recitation of facts section
7
In a foreclosure, the borrower
may not file bankruptcy for eight years after the foreclosure sale
may continue to live in the property for 45 days after the foreclosure sale
must pay off any liens owed before the foreclosure is completed.
loses the property used as security for the loan.
8
Approximately what percentage of short sales ultimately get approved?
90%
80%
63%
20%
9
What has become the predominant marketing medium for the sale of short sale properties?
print advertising
Muliple Listing Service (MLS)
word of mouth
social media
10
Judicial foreclosure
is available in all states and requires court supervision
provides for any leftover monies being applied to court costs
never entitles any leftover monies going to the borrower
is not available in all states, but when available
11
Refinancing a mortgage may be a realistic choice in all of the following circumstances EXCEPT
by negotiating lower monthly payments in order to stop the default
when the borrower is currently subject to a high interest rate
early in the foreclosure process
after the tax sale has been held
12
Many of the functions of a listing agent on an REO listing are very similar to those of a(n)
mortgage officer
property manager
escrow officer
police officer

Foreclosures, Shortsales, and REO's Questions 1 Flashcards | StudBud