Yes, I was not sure how to word it since PA works differently when you default on taxes.

So, I was made aware that a homeowner who lives next to one of my properties in default and possibly going to go into foreclosure shortly.

@Kapil Sharma Other people have correctly commented that you should speak to a lender about the numbers for each option, I'd add that you may want to read about HELOC's and how they work, educate yourself on the provisions, how the loans work what happens if you default etc.

I would agree with @Jay Hinrichs the arbitrary 10k/month seems to be the default answer.

We are mostly concerned about the short Term, point 3B, and I have more of the contract which I will post here underneath:ClaimabilityThe amount owed (with accrued interest on the entire principal during the entire term, three months extra interest and the costs) will be immediately due and without notice, notice of default, written warning or other formality due in the following cases:a. if the debtor may be negligent in complying with one or more provisions made by this deed;b. if the debtor has been granted suspension of payment or the debtor has been declared bankrupt, the debtor's property has been wholly or partially seized by third parties and if the debtor otherwise loses the free disposal of his assets;c. upon seizure of the collateral;d. upon alienation (whether or not only economically) or expropriation of the collateral in whole or in part;e. in the event of fire damage or any other depreciation or potential depreciation of the collateral, whether or not due to the application of any government measure to the collateral; f. if another debt for which the collateral may be linked to a mortgage becomes due and payable;g. when (one of) the debtor (s) dies.

“No lease” , by default follows the laws for month to month tenants....in That state.

I'm a US citizen.Today, somewhat unexpectedly, I received mail: a "Notice of Default" for my landlord.

If alternative service is available and your former tenant does that, then he or she can usually take a default judgment if you don't answer and defend. 

She defaulted on her loan and was gonna be kicked out with my younger brother and sister so I paid the remainder of her loan, put the house in my name, and charged her the same rent she was use to.

I forged a relationship with a thrift here in Oregon.they would feed me their defaults.. little different scenario.. they did not want to have to take the props back as OREO and we only did maybe 4 to 6 a year.. but the ones I wanted I would buy the note within 30 days of the trustee sale.. these were all in default..