6 SIMPLE DIGITAL MARKETING TIPS FOR BEGINNERS
6 SIMPLE DIGITAL MARKETING TIPS FOR BEGINNERS The digital world is a crowded arena. Competition is more fierce than ever as businesses of all shapes
If you’re facing a mortgage default, or you are having difficulties making your repayments on time, you might be wondering if having a default on your credit record will send you into debt. In most cases, the longer you don’t make your repayments, the more you may find it hard to catch up. Your lender may also add on late fees, making the amount of your debt larger than before.
Read on below to find out everything you need to know about mortgage defaults and debt.
A mortgage default is typically when a borrower is 90 days or more behind in making a repayment on their home loan. A default is listed on your credit file, which can, in turn, affect your credit rating and have implications if you apply for other loans in the future.
Technically, a mortgage default is already a kind of debt because you owe money to your lender. On top of the regular amount that you have missed paying, it’s possible that your lender has charged you late fees as well. The amount of these fees will differ from lender to lender, but these only add to what you already are behind in paying.
If you have found yourself defaulting on your mortgage payment, there may be several consequences. As well as having to pay late fees, the overall interest charged on your loan may increase. This also depends on the type of mortgage you have, and your lender.
If you are consistently unable to pay your mortgage repayments, your lender may be forced to sell your property to recover the debt that you owe.
In most cases, defaults will show up on your credit file as paid, settled, or unpaid. A settled default is where you’ve made an agreement to pay part of the debt with your current lender, and they have had it marked as such on your credit report.
When you apply for a loan, generally, a lender may be able to see the date the defaults were lodged, the total amount of the defaults, who they were lodged by, and the status of the default. In most cases, defaults remain on your credit file for five years from the date they were lodged.
J Daniels & Associates has more than 40 years’ experience and has helped 1,000’s of people successfully.
We advocate on our clients’ behalf with banks and creditors to stop home repossession, as well as helping to stop those in bankruptcy situations from being harassed by creditors. You shouldn’t have to live in constant fear, and that’s where we can help.
We aim to provide support services to those who do not know where to look, or who are confused about where to turn during the bankruptcy process. Our helpful advocates can assist you when you need it the most. We can give you confidential help, expert debt guidance and help you to find a personalised solution.
We don’t have any hidden fees, so you won’t have to worry about any nasty surprises. In addition to helping you to improve your financial situation, we can assist you in finding a solution to your mortgage issues. If you need help and support, give us a call today for your free consultation.
*Disclaimer: This article contains general comments and recommendations only. It is not intended to be and should not be construed as legal advice. This article has been prepared without taking account of your objectives, financial situation or needs. Before taking any action, you should consider the appropriateness of the comments made in the article, having regard to your objectives, financial situation and needs.
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