HUD Housing Counseling Exam Questions and Answers with Approved Solutions
26 views 0 purchase
Course
HUD Housing Counseling
Institution
HUD Housing Counseling
HUD Housing Counseling Exam Questions and Answers with Approved Solutions Rental Obstacle + Solutions: Low Income -Some Renters reject people whose Rent would be more than 30% of GMI -Solutions -Apply for Housing Assistance -Expand housing search areas -Get a roommate -Move in w/family or friends
...
HUD Housing Counseling Exam Questions and Answers with Approved Solutions Rental Obstacle + Solutions: Low Income ✔✔-Some Renters reject people whose Rent would be more than 30% of GMI -Solutions -Apply for Housing Assistance -Expand housing search areas -Get a roommate -Move in w/family or friends Strategies for decreasing expenses and debt ✔✔Prioritize "needs over "wants" -reduce or eliminate "wants" -cancel or downgrade services(e.g. cable, telephone) -limit miscellaneous spending - stick to a shopping list - pay off a loan or credit card - move to more affordable housing - change insurance coverage to lower premiums Fair Credit Reporting Act (FCRA) ✔✔-Right to know what is your file -Right to dispute incomplete or inaccurate information - Access to your file is limited only to people w/valid need (i.e, creditor, insurer) -You may seek damages from violators (sue) - States have their own rules which additionally project What documents to use when trac king income ✔✔-Paychecks, direct deposits slips - If self -employed, income + expenses sheet - Additional income checks or cash - Government benefit letters Site to obtain free credit report ✔✔www.annualcreditreport.com Chapter 13 bankruptcy ✔✔Allows indi viduals w/regular income to develop a plan to repay all or part of their debts over 3 to 5 years can stop foreclose sure proceedings + may delinquent mortgage payments over time Steps to take if victim of identity theft ✔✔-Place a fraud alert w/the credit reporting agencies - order credit reports to review + identify inaccuracies - create an identify theft report obtain ID theft affidavit from the FTC - File a police report Fair and Accurate credit Transcription Act (FACTA) ✔✔-Right to free annual credit report - Right to place a fraud alert on your credit file - Receipts may not include entirety of credit card #s Four Steps of Asset building ✔✔1.Chose the right bank or credit union account 2. Build savings for emergencies + Large purchase 3. Invest for retirement 4. Take advantage of tax credits Fair credit billing Act (FCBA) ✔✔-You can dispute billing errors associated w/credit card account - Must be billed in a timely manner % of factor s how they affect credit score ✔✔35% account history 30% amounts owed 15% length of credit history 10% new credit 10% types of credit used Credit reporting agencies on FICO Score ✔✔-EQUIFAX - EXPERIAN - TRANS UNION FICO Score ✔✔-Credit scores often r eferred to as = Fair Isaac Corporation Range:300 -850 Means test ✔✔A bankruptcy qualification that considers income + equity in assets to determine if a client has the ability to repay part of the debt How to fix: Credit Card maxed / too much debt ✔✔-Pay down debt + keep balances low
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BrilliantScores. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.
