Your home may be repossessed if you do not keep up repayments on your mortgage.
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What is a Default?
What is a Default?
The term Default is used to describe a situation where a relationship between a borrower and financial institution has failed due to the borrower not meeting repayments they are obligated to make under a contact. Generally you need to miss 8 consecutive payments in order for a lender to register a default against you.| Previous : What happens after the default is registered? | Next : How does a default occur? |
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