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12 August, 02:07

Gary did not pay his past three payments on his mortgage. What is the possible consequence he is facing?

garnishment

foreclosure

a judgment

bankruptcy

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Answers (1)
  1. 12 August, 05:48
    0
    Answer: Foreclosure

    Foreclosure refers to a bank's act of taking possession of a mortgaged property when the mortgage holder fails to make the monthly mortgage payments.

    Foreclosure occurs when a home owner does not pay his monthly loan instalments for three consecutive months.

    It is a legal process in which the home owner loses the ownership of the property and the banker gets the right to sell off the property in order to make up the loss on account of non payment.
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