Defaulting on Your Mortgage Has Costly Consequences

If you don’t pay your mortgage on time or if your payment is for less than the amount that’s due, you’re in default on your loan. The consequences of default can be costly. The Federal Trade Commission (FTC), the nation’s consumer protection agency, says it’s important to understand the costs of default. The agency also stresses that if you’re having trouble making your mortgage payments, contact your loan servicer to discuss your options as soon as you can. The longer you wait to call, the fewer options you have...

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