Definition: The term "mortgage 60 days late" refers to a situation where a homeowner has not made their mortgage payment for at least sixty (60) days, which would typically result in the lender initiating legal action against them for non-payment. In more detail, a 60-day late mortgage is considered a default and can have serious consequences. When a borrower makes a payment on time, it's called "pay period," and after that, they must make another payment within thirty (30) days. This means there are two options: 1. If the borrower misses their payment in the middle of the 60-day window, the lender will begin legal proceedings against them for non-payment. 2. If the borrower misses their payment, but it's not in the middle of a 60-day window (and therefore the lender would have to start legal proceedings), they must pay the remaining balance on time. The consequences of failing to make your mortgage payments can be severe. Your credit score may suffer, and you could face further penalties such as increased fees or even being evicted if not paying on time. It's important that you always keep track of your mortgage payment in case you miss it, as this can significantly affect the terms of your loan. You should also try to avoid making late payments altogether to avoid these consequences.
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