Illinois 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.
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