Definition: The term "mortgage 5 down" refers to a situation where a property owner has taken out a mortgage loan with a lender, but the borrower does not have sufficient funds or assets to repay the loan in full within five years. This can occur because the borrower's income is insufficient for payments and their creditworthiness may be poor. In this scenario, the borrower will continue to make monthly payments on the loan until the loan amount is fully paid off. After that point, the property owner will typically receive a payoff from the lender in lieu of any remaining unpaid amounts. It's worth noting that if the borrower can still pay their mortgage payments after 5 years, they may be considered for a deferral or hardship payment plan to reduce their monthly payments. However, it's important to consult with a financial advisor to determine the best course of action based on your specific situation and circumstances.
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