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Long-term Effects of Delinquency
Long-term, delinquent loans can have profound results on a borrower’s monetary stability. The harm accomplished to one's credit score rating can linger for years, making it difficult to qualify for loans with reasonable rates of interest. This state of affairs usually places debtors in a cycle of permanent high-interest d


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n Missing a payment in your mortgage can result in a cascade of penalties. Initially, your lender may charge a late charge, and your credit score could take a hit if the payment is over 30 days late. Continued missed funds can classify your loan as delinquent, leading to increased rates of interest and potential authorized consequen



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