Vocabulary: Default

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Vocabulary: Default

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πŸ“‰ Real Estate Vocabulary: Default πŸ πŸ’°

Default occurs when a borrower fails to make loan payments by the required deadline. Consistently missing payments can lead to foreclosure, allowing the lender to reclaim the property due to non-payment.

πŸ“Œ Key Facts About Default:
βœ” Grace Periods May Apply – Some lenders offer a short window to catch up on payments. ⏳
βœ” Consequences Include Foreclosure – Risking loss of property ownership. 🏑
βœ” Credit Score Impact – Can significantly lower credit ratings, affecting future loan approvals. πŸ“‰

Struggling with payments? Talk to your lender earlyβ€”there may be options to avoid default! Have questions about your mortgage? Let’s connect! πŸ“©

#RealEstate #Default #Foreclosure #MortgageHelp #BHGRE #WostalRealty #TheNoffertGroup

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