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Final Notice of Default for Past Due Payments in Connection with Contract for Deed New Jersey Form

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Final Notice of Default for Past Due Payments in Connection with Contract for Deed New Jersey Form

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unit 13 loan defaults and foreclosures what happens when somebody buys a house puts a mortgage on it and defaults on the payment or goes into foreclosure what is the default and what happens after the default well the default is a breach of one or more conditions on the terms of a loan agreement it could be that you're not making your loan payment that's one the other could be that you're not making your insurance payments which is fire insurance to protect the property or you're not taking care of the property loans whether they be a mortgage or a deed of trust have an acceleration clause basically saying if you stop payment then we're going to accelerate your loan to come due we may take that into a judicial foreclosure or with a deed of trust a non-judicial foreclosure and work on foreclosing the property and taking it back from you because your loan in your house was the collateral to secure your your loan the money you borrowed most want the

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