Compare Mortgage Quotes

Sam · Posted: Thu May 27, 2004 11:54 pm Post subject: Default Mortgage

Default mortgage is a failure to make mortgage payments. It is the condition that occurs, when the borrower fails to fulfill the commitment stated in the mortgage or deed of trust. It normally gives a lender the right to speed up the payments and start foreclosure.

For example, Robert took a loan of $2,000,000 from XYZ firm, by mortgaging some of his personal belongings. He was supposed to return it within the period stated in his mortgage or deed of trust, but he failed to do so. We can say that Robert is on a default now.

Guest

Can a bank--that you have been paying a mortage t for 20 years foreclose on you for being 1 month late. I have a farm and my mortgage is 135,000---my house alone is worth 350,000.00. The Bank is now threatening me wit this prospect.

Guest

What would happen if I just walked away from my mortgage

Niicss · Posted: Thu Jul 15, 2010 3:22 am Post subject:

To Beth,

The bank has the rights to foreclose the property if you do not pay the mortgage dues on time. However, lenders generally foreclose the property when you are 3 or more months late on your loan payments.

To jpenny,

If you walkaway from your property and do not pay the mortgage dues on time, then the lender will foreclose the property which will have a negative affect on your credit report. You'll be liable for paying the deficient balance as well.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

Default Mortgage