When is a loan considered to be in default?
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eolanda
Apprentice
Joined: 24 Jan 2005
Posts: 1
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 Posted: 09/29/08 - 04:21 Post subject: |
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| Hi there people. My name is Christy and I would appreciate if you could give me some help about mortgages. The thing is that I am interested in getting one, so I’m doing a little research. I would like to know this: when is a loan considered to be in default? What can happen then? |
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jakob
Apprentice
Joined: 12 Dec 2006
Posts: 1
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| Posted: 10/14/08 - 02:46 Post subject: |
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| Hello there Christy. First, I would like to say that it’s very wise that you’re collecting information before taking any action, especially because mortgages can be a little complicated. Now, a loan is considered to be in default when you’re missing your payments. It can have some heavy consequences. So, when you’re taking your mortgage plan ahead if you’re be able to pay it back. |
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currey
Apprentice
Joined: 08 Oct 2007
Posts: 1
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| Posted: 10/29/08 - 01:10 Post subject: |
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| Hello Christy. In case of mortgages, but also with other loans, you cannot miss your payments, of default the loan (in other words). If that happens, you have to pay interest and, as a final solution, your property might be repossessed. So, as it was said above, watch carefully which mortgage you are taking. That would be all from me. Good bye! |
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