mortgage default
Missed house payments
Mortgage default is the failure to meet the terms of a mortgage loan, typically by missing required payments.
Default triggers consequences specified in the loan agreement—late fees, damaged credit, and potentially foreclosure, where the lender seizes the property to recover the debt.
They fell into mortgage default after losing their jobs.
- interest rateCost of borrowing money
- deficiency judgmentCourt order for remaining debt
- foreclosureLender seizes mortgaged property
- principal balanceRemaining loan amount owed
- loan modificationAltered borrowing agreement terms
lien · financial hardship · loan term · bankruptcy · repayment plan · repossession · emotional stress · predatory lending · counseling services · credit score · eviction · legal fees · refinancing options · negative equity · debt-to-income ratio · refinancing · missed payments · late fees
- mortgageshome loan, home loans, down payment, refinancing, refinance
- credit risksbankruptcy, late payments, bad debt, foreclosure, charge-off
- financial lossesnet loss, operating loss, capital loss, profit loss, revenue loss
- housing crisishousing bubble, housing crash, foreclosures, subprime loans, foreclosure
- foreclosureforeclosure auction, forced sale, foreclosure prevention, foreclosure notice, foreclosure sale
- homelessnesshomeless, homeless shelters, unhoused, homeless veterans, houseless
mortgage defaultfinancial solvency
Ability to pay debts
creditworthiness · financial stability · excellent credit · financial responsibility · wealth accumulation
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