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Before punching numbers in a mortgage calculator and shopping mortgage rates to decide which mortgage may be right for you, understand what it is you are trying to get a hold of. Gaining knowledge of what a mortgage is can be an important tool in searching for the right mortgage and help recognize the value
Provision or clause in a mortgage that allows the lender to demand payment of the entire principal balance and unpaid interest is due if certain conditions have occurred. Conditions will generally a default on the monthly payment, failure to pay real estate taxes, transfer of ownership in the property and others.
A change to the terms of a mortgage. Modification involves a legal change to the terms of the note or repayment schedule of the home loan.
Failure to pay the loan payments when due. Failure to make one or more months payments on time based on the loan payment schedule stipulated in the note.
A legal procedure in which a mortgaged property is sold to pay the outstanding debt in case of default. The legal procedure starts with the borrower defaulting on the repayment terms of the home loan and the lender initiating a process in which they obtain court permission to take possession of the property and sell
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