HomeSite MapCompareFinanceDebtCasino Payment defaultThe 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. Similar MatchesAdditional principal paymentAdditional principal paymentExtra money included in the monthly payment to help reduce the principal and shorten the term of the loan. Annualised payment schemeAnnualised payment schemeAlthough the borrower pays interest at a variable rate, which can change from month to month, the lender charges a set amount of interest each month and then adjusts the balance at the end of the year. Balloon paymentBalloon paymentThe final lump sum payment due at the end of a balloon mortgage. Further SuggestionsEarly repayment periodLate payment Monthly repayment Mortgage payment protection insurance (MPPI) Overpayment Payment holiday Payment of balance Click to compare definitions of Payment default Click to view definitions beginning pa |