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What happens when a homeowner defaults on a mortgage?

April 26, 2017defaults happens Homeowner mortgage

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What happens when a homeowner defaults on a mortgage?

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When a homeowner fails to make payments or default on a mortgage, the lender records a Notice of Default (NOD) at the local courthouse, and a notice of sale by public auction is published in the local newspaper. The period of time between filing the NOD and the date of the auction is known as the pre-foreclosure period.