When you default on the mortgage note, the lender begins foreclosure proceedings. The most serious default is failing to make the house payment.Other defaults include:
- Failure to pay property taxes.
- Obtaining a second mortgage without permission on a house that is not your principal residence.
There are two immediate consequences of default that are stipulated in almost every promissory note. They are:
- The lender calls the loan by invoking the acceleration clause (see glossary), making the entire loan amount immediately due and payable.
- The lender can add late charges and other fees.
The lender is required to give you notice that its charging you a penalty for making a late payment. If you don't immediately catch up on your mortgage payments, you receive a Notice of Default.
LESS THEN 90TY DAYS LATE - PAID UP- MORGAGE CO BREAKS IN
Hi - do not know if anyone is out there, but here goes- i rentivated one of my rentals, put over 15 thousand dollars in it, i have to do this every so often if i want to stay in business, i came to my property and the locks had been changed out and it was winterized without anyone contacting me, i had to clim through a window to get into my property of over twenty years, three of my doors were destroyed and i was deprived entry, i am mad, this was done by SAFEGUARD and the morgage company was MIDLAND MORGAGE, both were contacted and both said they would get back to me, over a period of time and getting the same message but never contacted, i understand they are sandbaging, my question is I HAVE A VA LOAN and they were never given the right to enter my property at anytime how can i make certain they do not do this again- thanks chuck 1-256-499-1800
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