What takes place when you don’t pay a loan or lease debt in a timely fashion. The contract for that loan or lease will set out what happens when you go into default. A loan is considered in default when payment has not been paid after 60 to 90 days. Once in default, the lender can exercise legal rights defined in the contract to begin foreclosure or repossession proceedings.

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Lending Your Child Money to Buy a Home

Lending money to your child is risky business. But if you can avoid the personal pitfalls and convince the federal government that this is really a loan, and not a gift, the Bank of Mom and Dad can be a financial boon for everyone in the family.