California Real Estate Exam

Category - Real Estate

If you have not made your mortgage payment within 30 days of the due date, the mortgage is considered to be in:
  1. arrears
  2. default
  3. trouble
  4. bankruptcy
Explanation
Answer: B. Failure to make the mortgage payment within a specified period of time, usually 30 days for first mortgages or first trust deeds, causes the loan to be in default.
Was this helpful? Upvote!
Login to contribute your own answer or details

Top questions

Related questions

Most popular on PracticeQuiz