Default
A Default occurs when a borrower fails to meet their legal obligations in the mortgage contract. The most common cause of default is when a Borrower fails to make their monthly payments on a mortgage.
So, what happens if you default on your mortgage? Your lender can take possession of the property, either via Foreclosure or Power of Sale, and recover the amounts owing to them under the Mortgage.
About The Author
Don Scott
Don Scott is the founder of a challenger mortgage brokerage that is focused on improving access to mortgages. We can eliminate traditional biases and market restrictions through the use of technology to deliver a mortgage experience focused on the customer. Frankly, getting a mortgage doesn't have to be stressful.
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