Regulatory compliance is an organization's adherence to laws, regulations, guidelines and specifications relevant to its business. Violations of regulatory compliance regulations often result in legal punishment, including federal fines. Download this free guide.
If you fail to meet the terms of your loan and make your scheduled payments, your loan will eventually go into default. After you are 270 days delinquent, your lender can file a claim with the guarantor of your student loan(s). This means that the guarantor will pay the money you owe to your lender. The guarantor will then be responsible for collecting your loan on behalf of the federal government through a variety of options.
Mortgage default occurs when a borrower fails to make a mortgage payment. A mortgage default progresses through distinct stages, ultimately resulting in foreclosure and eviction. Knowing what to expect after defaulting on a mortgage loan can help you to avoid foreclosure and regain your standing with your lender. Process After the late-payment grace period expires for your first missed payment, your lender will most likely assess a late fee and send a certified letter regarding the default.