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By John Leiter

Facing Foreclosure? Understanding the Consequences of Mortgage Default

Facing foreclosure? Understanding the consequences of mortgage default. If you default on the loan, the lender will issue a foreclosure notice. Here are its consequences.

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When you default on a mortgage, it means you cannot make the agreed-upon payments on your home loan. This could translate to a major problem – you risk losing your dream house. So, why do people let it come to this? It’s not because they are bad at managing money. It’s usually because of circumstances beyond their control. Maybe you lost your job, ...
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