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Illinois Real Estate Exam

Category - Real Estate

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If you have not made your mortgage payment within 30 days of the due date, the mortgage is considered to be in:

arrears
default
trouble
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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Illinois Real Estate Exam

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