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Payment default

The mortgage definition for Payment default:

This results when you are unable or simply unwilling to meet your mortgage repayments. If you default on your payments, the lender is ultimately entitled to sell your home in order to recover the loan. Different lenders will have different policies on how long they give you before they start the legal proceedings to recover the loan. Many will have a separate schedule of charges which you will incur before they start proceedings.

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Notice of default

Notice of default
A lender's initial action when a mortgage payment is late and attempts to reconcile the issue out of court have failed.

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