 Sam
Site Admin
Joined: 21 May 2005
Posts: 281
Location: CALIFORNIA
117.49 Dollars($)
|
 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. |
|
