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Payment default |
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Payment defaultThis 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.Payment default Similar MatchesPayment holidayPayment holidayA short break from regular mortgage repayments, sometimes offered with flexible mortgages. This can sometimes be a useful feature for self-employed people or others with irregular income. Immediate payment annuityImmediate payment annuityAn annuity contract paid by a single payment and with a specified payment plan the starts immediately after the contract is purchased. Balance of payments adjustment mechanismBalance of payments adjustment mechanismAny process, especially any automatic one, by which a country with a payments imbalance moves toward balance of payments equilibrium. Under the gold standard, this was the specie flow mechanism. Graduated payment mortgageGraduated payment mortgageA mortgage scheme in which monthly payments commence at a lower level and increase over a period of a few years to a higher level which is subsequently maintained. Prepayment feePrepayment feeIn the US, a fee charged to a borrower by a lender when a loan or mortgage is repaid ahead of schedule. In the UK, building societies impose a similar charge, typically binding the borrower to at least three years of repayments if such a charge is to be avoided. Further SuggestionsPayments patternPIK (Payment in kind) securities Repayment mortgage Prepayment penalty call payment Transfer payment Balloon Payment Repayment term Graduated Payment Mortgage Break even lease payment Repayment period Balance of payments Prepayment penalty Interest payments Balance of payments deficit Monthly repayment Additional principal payment Progress payments Balance of payments Stop payment Method of payment Clearing House Automated Payments System (CHAPS) balance of payments Early repayment period payment card |
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