Vocabulary: Default

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Vocabulary: Default

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๐Ÿ“‰ Real Estate Vocabulary: Default ๐Ÿ ๐Ÿ’ฐ

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.

๐Ÿ“Œ Key Facts About Default:
โœ” Grace Periods May Apply โ€“ Some lenders offer a short window to catch up on payments. โณ
โœ” Consequences Include Foreclosure โ€“ Risking loss of property ownership. ๐Ÿก
โœ” Credit Score Impact โ€“ Can significantly lower credit ratings, affecting future loan approvals. ๐Ÿ“‰

Struggling with payments? Talk to your lender earlyโ€”there may be options to avoid default! Have questions about your mortgage? Letโ€™s connect! ๐Ÿ“ฉ

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

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