Powered by Translate
What is a Mortgage Default?

We were recently asked what a mortgage default is, so we thought it would relevant to discuss the ins- and-outs and exactly what is involved and how it impacts the borrower.

If you lend money to a borrower who offers you a first mortgage on their property, your security is a registered first mortgage. If the borrower defaults under the mortgage and does not meet the interest payments to you, the borrower is then deemed to be in default of the loan.

Mortgage default is a situation when someone is not able to pay their mortgage and as a consequence the loan will be considered “in default,” meaning the company or person who holds the mortgage can take control of that property.

When a borrower defaults on a loan they may end up losing the property, this really needs to be prevented. With a mortgage in default an individual’s credit rating can be affected and this would then make it more difficult for them to deal with financial institutions to secure credit for future loans.

Each time a home loan is settled payments are usually specified and the normal procedure is for the borrower to make monthly payments. Most mortgages consist of a payment period of 1-2 weeks, meaning payments sent through in that period would still be considered on time.

If the repayment period has elapsed any delayed payments will  be levied and attract default interest which is a higher interest rate. After one month of delayed payments, the mortgage maybe considered to be in default. The lender may then send a notice for a mortgage default to credit originations which again will impact on the credit score of the individual.

In just 30-90 days of the determination the mortgage is in default, the lender will send notice of a mortgage default to that borrower. This happens to be the first step within foreclosure. After the notice has been served on the borrower, depending on the type of property and the state the monies have been lent in, the lender can obtain “possession” of the property.

Once the lender has possession of the property, the usual requirement is to engage a real estate agent to auction the property using a 3-5 week auction campaign. Once the property sells at auction the debt is repaid to the lender, with all associated costs i.e. legal fees, real estate fees, default interest etc.

In summary if you lend monies, your funds are fully secured by way of a first mortgage. If the borrower defaults on the loan and does not meet the interest payments, they are deemed to be in default but your funds are still fully secured by the mortgage on the property.

Disclaimer: This information does not take into account your individual objectives, financial situation and needs. You should assess whether the information is appropriate for you and seek specialist advice from a qualified and licensed advisor.

No Comments

  1. 25/07/2019 at 10:45 AM
    Your comment is awaiting moderation.

    Thank you, I appreciate this!

    free viagra sample uk viagra sideeffects
    viagra without a doctor prescription
    seduced with viagra – https://genericviagrantx.com

    Keithgar
    RichardLerty
    Ernestogek

  2. 25/07/2019 at 10:54 AM
    Your comment is awaiting moderation.

    Amazing data. Thanks.

    viagra for women pink pill viagra rogain online sales
    viagra for women
    subaction showcomments viagra start from online – https://genericviagramsl.com

    Keithgar
    RichardLerty
    Ernestogek

  3. 25/07/2019 at 11:44 AM
    Your comment is awaiting moderation.

    You expressed it effectively.

    why is levitra costlier than viagra is watermelon the new viagra
    generic viagra
    information viagra – https://genericviagrarcp.com

    Keithgar
    RichardLerty
    Ernestogek

  4. 25/07/2019 at 12:33 PM
    Your comment is awaiting moderation.

    Excellent facts. Thanks!

    viagra from absolute pharmacy viagra without prescription uk pharmacy
    generic viagra
    viagra patient info – https://genericviagrantx.com

    Keithgar
    RichardLerty
    Ernestogek

  5. 25/07/2019 at 1:21 PM
    Your comment is awaiting moderation.

    Fantastic write ups, Kudos!

    viagra ad on shawn hanedy canadian pharmavy generic viagra
    viagra online
    buy viagra ventricular a href – https://genericviagrantx.com

    Keithgar
    RichardLerty
    Ernestogek

  6. 25/07/2019 at 2:10 PM
    Your comment is awaiting moderation.

    Wonderful information. Cheers.

    viagra uk site viagra counter act with lisinopril
    viagra without a doctors prescription
    edinburgh uk viagra search find posted – https://genericviagrarcp.com

    Keithgar
    RichardLerty
    Ernestogek

  7. 25/07/2019 at 2:59 PM
    Your comment is awaiting moderation.

    With thanks. Loads of write ups!

    viagra sale free generic viagra positive effects
    viagra for women
    viagra purchase online best deal – https://genericviagrantx.com

    Keithgar
    RichardLerty
    Ernestogek

  8. 25/07/2019 at 3:50 PM
    Your comment is awaiting moderation.

    Good postings. Thanks a lot.

    pomegranate concentrate and viagra viagra equivilant
    viagra without a doctor prescription
    viagra does not work – https://genericviagramsl.com

    Keithgar
    RichardLerty
    Ernestogek

  9. 25/07/2019 at 4:40 PM
    Your comment is awaiting moderation.

    Really many of awesome material.

    wholesale viagra cheap buy viagra cheapest
    viagra 100mg
    over counter viagra sales – https://genericviagrarcp.com

    Keithgar
    RichardLerty
    Ernestogek

  10. 25/07/2019 at 5:31 PM
    Your comment is awaiting moderation.

    Amazing tons of beneficial material.

    woman take viagra for men making the most of viagra
    buy generic viagra
    viagra canadain – https://genericviagrantx.com

    Keithgar
    RichardLerty
    Ernestogek

  11. 25/07/2019 at 6:21 PM
    Your comment is awaiting moderation.

    Very good forum posts. Thanks a lot!

    cheap viagra tablet viagra and nash
    cheap viagra
    viagra color – https://genericviagrarcp.com

    Keithgar
    RichardLerty
    Ernestogek

  12. 25/07/2019 at 7:12 PM
    Your comment is awaiting moderation.

    You actually suggested that really well!

    viagra buy in canada generic viagra vega 100mg india
    viagra 100mg
    snorting viagra health – https://genericviagrantx.com

    Keithgar
    RichardLerty
    Ernestogek

  13. 25/07/2019 at 8:03 PM
    Your comment is awaiting moderation.

    Awesome information. Many thanks!

    viagra competitors mexican viagra mr bean
    generic viagra 100mg
    viagra buying online – https://genericviagrarcp.com

    Keithgar
    RichardLerty
    Ernestogek

  14. 25/07/2019 at 8:54 PM
    Your comment is awaiting moderation.

    You stated this very well!

    viagra online sales generic viagra vega
    viagra 100mg
    viagra perscriptions on line – https://genericviagramsl.com

    Keithgar
    RichardLerty
    Ernestogek

  15. 25/07/2019 at 9:44 PM
    Your comment is awaiting moderation.

    Whoa many of useful advice!

    buy viagra with pay pal find sites computer viagra edinburgh search
    buy generic viagra
    viva viagra slogan – https://genericviagramsl.com

    Keithgar
    RichardLerty
    Ernestogek

  16. 25/07/2019 at 10:34 PM
    Your comment is awaiting moderation.

    Really quite a lot of beneficial knowledge.

    viagra official web site interaction of levitra and viagra
    generic viagra online
    stamina rx and viagra – https://genericviagrarcp.com

    Keithgar
    RichardLerty
    Ernestogek

  17. 25/07/2019 at 11:25 PM
    Your comment is awaiting moderation.

    Thanks a lot! Ample write ups!

    when is viagra needed viagra online no doctor prescription
    buy generic viagra
    adverse side effects of viagra – https://genericviagrantx.com

    Keithgar
    RichardLerty
    Ernestogek

  18. 26/07/2019 at 12:15 AM
    Your comment is awaiting moderation.

    This is nicely expressed! .

    viagra best price generic pictures of viagra effects
    viagra for sale uk
    viagra hearing loss studies – https://genericviagrantx.com

    Keithgar
    RichardLerty
    Ernestogek

  19. 26/07/2019 at 1:05 AM
    Your comment is awaiting moderation.

    Very well spoken really! !

    women taking viagra chao sheng long company viagra
    viagra 100mg
    drugs you shouldnt take with viagra – https://genericviagramsl.com

    Keithgar
    RichardLerty
    Ernestogek

  20. 26/07/2019 at 1:55 AM
    Your comment is awaiting moderation.

    Wonderful posts, Kudos!

    canadian drugs viagra using viagra
    buy generic viagra
    can companies make generic viagra – https://genericviagramsl.com

    Keithgar
    RichardLerty
    Ernestogek

  21. 26/07/2019 at 2:47 AM
    Your comment is awaiting moderation.

    Great material. Thank you.

    pink viagra canadian pharmacies for viagra
    generic viagra 100mg
    cheap viagra levitra – https://genericviagramsl.com

    Keithgar
    RichardLerty
    Ernestogek

  22. 26/07/2019 at 3:38 AM
    Your comment is awaiting moderation.

    Awesome info. Cheers!

    people who smoke viagra viagra combinations
    viagra online
    combine viagra and cialis – https://genericviagramsl.com

    Keithgar
    RichardLerty
    Ernestogek

  23. 26/07/2019 at 4:28 AM
    Your comment is awaiting moderation.

    Appreciate it, Lots of write ups.

    took viagra now what viagra best prices
    buy viagra online
    online viagra soft – https://genericviagrarcp.com

    Keithgar
    RichardLerty
    Ernestogek

  24. 26/07/2019 at 5:18 AM
    Your comment is awaiting moderation.

    Very good knowledge. With thanks.

    viagra generic low price information on levitra or viagra purchase
    generic viagra 100mg
    cheap viagra switch maestro – https://genericviagrarcp.com

    Keithgar
    RichardLerty
    Ernestogek

  25. 26/07/2019 at 6:08 AM
    Your comment is awaiting moderation.

    Factor nicely used!!

    viagra soft tabs description viagra sucess stories
    viagra without a doctor prescription
    nitric oxide and viagra – https://genericviagrantx.com

    Keithgar
    RichardLerty
    Ernestogek

  26. 26/07/2019 at 6:58 AM
    Your comment is awaiting moderation.

    Seriously plenty of great advice.

    viagra and unicure pharmacy european viagra alternatives
    viagra generic
    viagra purchase without perscription us pharmacy – https://genericviagrantx.com

    Keithgar
    RichardLerty
    Ernestogek

  27. 26/07/2019 at 7:49 AM
    Your comment is awaiting moderation.

    You revealed it very well!

    how will viagra feel viagra drug scams
    viagra without a doctor prescription
    cheap geneirc viagra 50 cents – https://genericviagrantx.com

    Keithgar
    RichardLerty
    Ernestogek

  28. 26/07/2019 at 8:40 AM
    Your comment is awaiting moderation.

    Incredible quite a lot of useful knowledge.

    viagra users herbal viagra equivalent
    viagra pills
    legal rx and viagra – https://genericviagrarcp.com

    Keithgar
    RichardLerty
    Ernestogek

  29. 26/07/2019 at 9:31 AM
    Your comment is awaiting moderation.

    Appreciate it, Loads of facts!

    viagra usage tesco stores viagra
    generic viagra 100mg
    find viagra online – https://genericviagrarcp.com

    Keithgar
    RichardLerty
    Ernestogek

  30. 26/07/2019 at 10:22 AM
    Your comment is awaiting moderation.

    Wonderful write ups. Many thanks!

    do drug screenings test for viagra viagra head quarters
    generic viagra online
    ciao buy now viagra url – https://genericviagrantx.com

    Keithgar
    RichardLerty
    Ernestogek

  31. 26/07/2019 at 11:14 AM
    Your comment is awaiting moderation.

    Many thanks. Plenty of information.

    personalized viagra gifts viagra soft tabs uk
    viagra 100mg
    buy keyword online viagra – https://genericviagramsl.com

    Keithgar
    RichardLerty
    Ernestogek

  32. 26/07/2019 at 12:07 PM
    Your comment is awaiting moderation.

    Factor certainly used!.

    buy viagra in france viagra generic no prescription
    buy viagra online
    viagra cheap less – https://genericviagramsl.com

    Keithgar
    RichardLerty
    Ernestogek

  33. 26/07/2019 at 12:59 PM
    Your comment is awaiting moderation.

    Cheers, I appreciate it!

    viagra prescribing information q cheap viagra generic lowest pri
    viagra 100mg
    viagra canadian source – https://genericviagramsl.com

    Keithgar
    RichardLerty
    Ernestogek

  34. 26/07/2019 at 1:51 PM
    Your comment is awaiting moderation.

    Regards. Great information.

    viagra title object object viagra cause peyronie’s disease
    viagra generic
    generic brand viagra – https://genericviagrantx.com

    Keithgar
    RichardLerty
    Ernestogek

  35. 26/07/2019 at 2:44 PM
    Your comment is awaiting moderation.

    Whoa many of terrific information!

    mark martin viagra womens herbal viagra
    cheap viagra
    reverse side effects of viagra overdose – https://genericviagrarcp.com

    Keithgar
    RichardLerty
    Ernestogek

  36. 26/07/2019 at 3:37 PM
    Your comment is awaiting moderation.

    This is nicely expressed. !

    viagra and waldenstroms macroglobulinemia cialis levitra viagra comparison
    viagra generic
    viagra and heart patients – https://genericviagrantx.com

    Keithgar
    RichardLerty
    Ernestogek

  37. 26/07/2019 at 4:30 PM
    Your comment is awaiting moderation.

    Nicely put. Appreciate it.

    price range for the drug viagra texas bow hunting viagra
    generic viagra online
    aetna viagra amount – https://genericviagrantx.com

    Keithgar
    RichardLerty
    Ernestogek

  38. 26/07/2019 at 5:22 PM
    Your comment is awaiting moderation.

    Appreciate it, An abundance of posts!

    best price viagra name brand viagra and purchase
    generic viagra
    viagra discard date – https://genericviagrarcp.com

    Keithgar
    RichardLerty
    Ernestogek

  39. 26/07/2019 at 6:15 PM
    Your comment is awaiting moderation.

    Amazing lots of amazing knowledge.

    viagra drug store best buys tegra viagra
    viagra pills
    problems with generic viagra – https://genericviagrantx.com

    Keithgar
    RichardLerty
    Ernestogek

  40. 26/07/2019 at 7:06 PM
    Your comment is awaiting moderation.

    Incredible quite a lot of valuable information.

    compare viagra to levitra order viagra no perscription
    generic viagra 100mg
    viagra on the net – https://genericviagramsl.com

    Keithgar
    RichardLerty
    Ernestogek

  41. 26/07/2019 at 7:58 PM
    Your comment is awaiting moderation.

    Terrific postings. Thank you!

    kamagra vs viagra russian viagra women news
    viagra online
    herb supplements that react with viagra – https://genericviagrantx.com

    Keithgar
    RichardLerty
    Ernestogek

  42. 26/07/2019 at 8:52 PM
    Your comment is awaiting moderation.

    Whoa loads of awesome knowledge!

    spider bite viagra apteekki viagra
    viagra 100mg
    effective time for viagra – https://genericviagrarcp.com

    Keithgar
    RichardLerty
    Ernestogek

  43. 26/07/2019 at 9:45 PM
    Your comment is awaiting moderation.

    You made your position very nicely..

    nokia n72 buy viagra online fedex generic viagra
    viagra without a doctor prescription
    uk alternative viagra – https://genericviagrarcp.com

    Keithgar
    RichardLerty
    Ernestogek

  44. 26/07/2019 at 10:39 PM
    Your comment is awaiting moderation.

    You actually expressed this exceptionally well.

    viagra frozen embryo transfer a href order viagra online a
    buy viagra
    excel viagra – https://genericviagrantx.com

    Keithgar
    RichardLerty
    Ernestogek

  45. 26/07/2019 at 11:33 PM
    Your comment is awaiting moderation.

    Valuable tips. Appreciate it.

    phizer brand viagra made in canada viagra find search pages sites
    generic viagra 100mg
    generic meltabs viagra php – https://genericviagrarcp.com

    Keithgar
    RichardLerty
    Ernestogek

  46. 27/07/2019 at 12:26 AM
    Your comment is awaiting moderation.

    You’ve made your stand extremely nicely..

    apa itu viagra brunette commercial viagra
    viagra for women
    will viagra keep erection after climax – https://genericviagrantx.com

    Keithgar
    RichardLerty
    Ernestogek

  47. 27/07/2019 at 1:19 AM
    Your comment is awaiting moderation.

    Terrific tips. Thanks a lot.

    viagra stories escort cialis vs viagra pharmacology
    buy generic viagra
    viagra usage and results – https://genericviagramsl.com

    Keithgar
    RichardLerty
    Ernestogek

  48. 27/07/2019 at 2:13 AM
    Your comment is awaiting moderation.

    You expressed that well.

    view generic viagra from india viagra causing bleeding behind ones eyes
    buy generic viagra
    viagra experience stories – https://genericviagramsl.com

    Keithgar
    RichardLerty
    Ernestogek

  49. 27/07/2019 at 3:07 AM
    Your comment is awaiting moderation.

    Beneficial posts. Appreciate it.

    buy viagra pill online lowest dosage of viagra
    viagra pills
    viagra personal experience – https://genericviagramsl.com

    Keithgar
    RichardLerty
    Ernestogek

  50. 27/07/2019 at 3:59 AM
    Your comment is awaiting moderation.

    Truly many of useful information.

    viagra onlinbe ditropan viagra
    viagra pills
    best place to purchase viagra online – https://genericviagrarcp.com

    Keithgar
    RichardLerty
    Ernestogek

  51. 27/07/2019 at 4:52 AM
    Your comment is awaiting moderation.

    You actually said that wonderfully.

    viagra oab viagra for ladies
    generic viagra 100mg
    buying viagra in mexico – https://genericviagramsl.com

    Keithgar
    RichardLerty
    Ernestogek

  52. 27/07/2019 at 5:43 AM
    Your comment is awaiting moderation.

    You said it adequately.!

    teenager taking viagra speed of viagra
    viagra for sale uk
    free samples viagra cialis – https://genericviagrarcp.com

    Keithgar
    RichardLerty
    Ernestogek

  53. 27/07/2019 at 6:34 AM
    Your comment is awaiting moderation.

    Very good info. Thanks a lot!

    viagra potenzmittel .99 generic viagra
    viagra without a doctors prescription
    bug viagra nitrous – https://genericviagramsl.com

    Keithgar
    RichardLerty
    Ernestogek

Leave A Comment

By continuing to use CCG you are agreeing to the website Terms Of Use Ok.