If you default on your mortgage with a Melbourne mortgage broker, the consequences can be serious and may ultimately result in the lender taking legal action against you. Here are some of the potential consequences of defaulting on your mortgage:
- Late payment fees: If you miss a mortgage payment, you may be charged a late payment fee by the lender.
- Damage to your credit score: Your credit score may be negatively impacted if you miss mortgage payments, which can make it more difficult to obtain credit in the future.
- Default notices: If you miss several payments, the lender may issue you with a default notice, which is a formal notification that you have breached the terms of your loan.
- Repossession: If you continue to miss payments and do not take steps to rectify the situation, the lender may ultimately take legal action to repossess your property in order to recoup their losses.
It’s important to remember that defaulting on your mortgage is a serious matter, and it’s always best to contact your lender as soon as possible if you’re experiencing financial difficulty. They may be able to work with you to find a solution that avoids default and helps you get back on track with your repayments.