Naples Florida Foreclosure Listings - What constitutes a breach or a default on my mortgage? by Naples Foreclosure Expert, Benjamin Sovacool

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May 19, 2009, by Benjamin Sovacool in Short Sales

Naples Florida Foreclosure Listings Information Series

A default, or breach as some call it, exists when the homeowner fails to make their mortgage payments when due according to the mortgage.

If the balance of the mortgage is due such as a balloon payment, the breach would be the failure to make the principal payment due plus interest, by the maturity date.

Most mortgages have provisions for default being declared when a senior lien, insurance, taxes and assessments have not been paid, or if the property is transferred without the lenders approval.

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Naples Foreclosure Expert,

Benjamin Sovacool