Say, no payments made from June 2007, how many months of non-payment before the mortgage company takes action. And, what actions are taken? Do they file a notice to the homeowner? Is it Public Notice that everyone can see, and where is it posted?

Would a home mortgage lender expect the borrower to repay some of the mortgage if the house price drops significantly.

As a comparison, with investment loans lenders can make a ‘margin call’ asking that the borrower repay some of the loan quickly to maintain a minimum amount of equity in the total investment.