If the matter goes to court, a judgment will also be listed and remain on your file for five years. For example, if the mortgage payment is due March 1, HUD must receive the lenders notice by the close of business on April 30. Subject to certain notice and time requirements, lenders can list a default of $150 or more against your credit report. Yes, being behind on your mortgage repayments may affect your ability to get credit in the future. Will being behind in my mortgage repayments affect my ability to get credit in the future? the default is not rectified within the period specified in the default notice.the lender has given you (and any guarantor) a default notice, and.Subject to some exceptions, an acceleration clause can generally only operate if: Most mortgage contracts will have an acceleration clause. If there is an acceleration clause in the mortgage contract, the lender may accelerate the debt so that the whole of the loan (rather than just the arrears) becomes immediately payable when you are in default. What if the lender is asking for more than the arrears, do I have to pay? If you do not pay, the lender can take possession of your home after completing certain steps. You should not ignore the default notice.
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