It's when a homeowner is unable to make principal and/or interest payments on their mortgage. The lender, a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract.
Copyright 2020 by Michigan Mutual Inc. All rights reserved.
MiMutual Mortgage 911 Military Street Port Huron, Michigan 48060 NMLS# 12901
Powered By LenderHomePage.com