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January 19, 2023
When a borrower fails to make the required payments, the mortgage becomes delinquent. If the borrower continues to fall behind on payments, the lender may foreclose on the property and reclaim it from the borrower. Other methods for resolving the borrower's delinquency exist, such as altering the loan to make it easier to make payments.
Related Topics
When Is the First Mortgage Payment Due?
What Does Foreclosure Mean?
What Is a HELOC Loan?
Loan Default
Financial Considerations (For First-Time Home Buyers)
Mortgage Loan Types
Payment and Debt Ratios
Home Value: Appraised, Estimated, Actual