If you bid on a foreclosed property at an auction, you also may be bidding on tax liens and other debt accrued by the prior home owners. - True
Home owners who always pay their mortgage on time don't need to worry about foreclosed homes in their neighborhood. - False
Home owners can sidestep foreclosure by transferring the title of their home to a foreclosure rescue company for a year or two. - False
Once home owners default on three mortgage payments, the home automatically goes into foreclosure. - False
Owners of foreclosed homes can reclaim their property - even after someone else has already bought it - by paying off the loan along with any interest, taxes, and penalties within the redemption period. - True
Lenders stand to benefit when home owners default on their mortgage. - False
http://www.realtor.org/rmoquiz2.nsf/foreclosurequiz?openform
Once a bank takes possession of a foreclosed home, the previous owner is free of all financial obligations. - False
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