Collection

Real estate, word of the day is going to be collection, what we’re going to do is define the word, use it in a sentence, and then we’re going to briefly discuss it.

All right. Collection collection is when a borrower falls behind the lender, contacts them in an effort to bring the loan current. The loan goes to collection. As part of the collection effort, the lender must mail and record certain documents in case they are eventually required to foreclose on the property.

Ok, so to use that word in a sentence, I would say it would be best to avoid real estate collections by paying your mortgage properly and on time according to the terms of your loan. Yes, OK. And then the word collection or collections with an essay on it could be used to, you know, just discuss the concept that somebody is trying to obtain payment when somebody is not when you’re in default, it goes into collections. When you’re in a default on any, you know, scheduled payment and you fall behind it goes to collections. Don’t just mortgage your credit cards or any bills.

That would be a financing term for so funny. But then collect you can collect have a collection of, you know, something else like rocks or rocks. You have shoe a shoe collection. Now, I might have a hat collection. Mm hmm. Very good. All right.

Episode Recorded Live on YouTube 5.19.21

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