Within our service the payments are marked as Paid on Time by default, however you have the option to mark the payment as Late for credit reporting purposes if ever necessary.  

Hey everyone,I'm looking at notices of default in my area, and I've noticed that some of them have "consideration" followed by a dollar amount.  

There many areas to pay in cash with that amount, my last one was 12.5k for a cbs house  I know someone who just paid approx 18k for a cbs houseIf you are a new investor, it would be a good idea to buy one and pay cash, then as you are learning the ropes of landlording, and dealing with vacancies, you do not have to deal with the risk of defaulting on your mortgageit would just be a much more stress free experience

Credit will need to be 640+ as well for most lenders after that.The issue is that she will miss the balloon payment putting her in default of a mortgage, I know you don't report but she has to state that on any application once you get to that date, so extending may be the best option, keeps the black mark off her application/credit and may improve credit sooner.If you make an attempt to extend the original terms to an amortized loan you'll be in much better favor under any violation, shows you tried.

I would, however, sell l everything, (including my kids, just kidding) before I would default on these people(family and friends) that loan to me.

Zero recourse on you, not even a $100 earnest money default consideration.

The previous "tenant" we had was on a lease-to-own contract, and defaulted on the payments.

Thank you pros for being patient with this newb lol In NC, pre-foreclosure means the owner is in default, a court action has been filed, and the process (foreclosure process, power-of-sale by state law) has not completed.

Default on a recourse loan and that usually means personal bankruptcy.  

A company can go bankrupt, and many things influence the price of oil and gold and silver, people can default on loans, but I can always drive to one of my properties and walk around.