When you applied for a mortgage loan, you signed a mortgage contract that promises your lender to pay back what you owe. Along with this, you have given your home property as a security for your debts. This gives your lender the right to sell your property and use the money to pay for your debts in case you fail to do so.
The Notice of Default
Let’s say that you are now in the middle of your payment term and you’ve been missing your monthly mortgage. Usually, if you’ve missed three consecutive payments, your lender will issue a Notice of Default.
Read full article about What is Mortgage Foreclosure Deficiency.
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