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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.
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39949 Garfield Rd Suite D Clinton Township, Michigan 48038 Phone: 586-884-5200 m1theDteam@mortgageone.com
Company NMLS# 129386
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