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 have a mortgage default on your credit file, you might be wondering what the default will mean for your home. When you miss repayments on your mortgage, it’s possible that your lender will list a default on your credit file, which can have consequences such as lowering your credit score and affecting your loan approval capabilities. If not taken care of, a default can lead to your home being foreclosed and sold.
To find out more about what a mortgage default can mean for your home and your finances, read on below.
When you default on your mortgage, it will usually be marked on your credit file. Generally, your lender must notify you that you will receive a default before they can request that a credit reporting body record the default on your credit report.
When you are notified, your lender may tell you that your repayment is overdue, while asking for payment to be made. After the first notice has been sent, your lender might send a second notice asking for the debt to be repaid.
After a second notice, your lender may notify you that a credit agency will be contacted if the debt remains unpaid. A credit agency has the ability to list the default on your credit record for lenders to be able to see.
If your debt remains unpaid and you do have a default listed on your credit file, you may notice that your credit score is negatively impacted. A penalty interest could also be added to your total debt, which is an interest added if repayments aren’t made on time. The amount of penalty interest charged may depend on your lender.
In most cases, your lender can foreclose on your home if you are in arrears with your mortgage payments. If you have missed payments, you may find that your lender will start to move in the direction of foreclosure.
In order to begin the foreclosure process, your lender will need to send a default notice, serving a summons, and finally, getting a court order. Sending a default notice means that you usually will have a notice sent explaining that you have at least 30 days to pay back your missed repayments, plus the regular repayment on your loan.
When a summons is served, you may be given a certain number of days to either file a defence or go to court. Occasionally referred to as a Statement of Claims, if you do not respond to this summons, your lender may begin legal action to foreclose on your home.
If you receive a judgment, your lender may be granted a court order to repossess your home. In this case, you may be issued a Notice to Vacate. In some cases, foreclosed properties are either sold at an auction, or sold directly by the lender to recover the lost costs.
J Daniels & Associates has over 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 those being harassed by creditors due to bankruptcy issues.
J Daniels & Associates are here to assist you when you need it most with confidential debt guidance. 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.
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
How Outsourcing Financial Busywork Can Save Your Business Money No matter what kind of business you run, staying on top of your finances is critical
Things a Consultant Can Do to Increase the Chances of Their Recommendations Being Implemented Successfully by a Client This post is based on a question