If either mortgage is paid off within 30 days, then the finance fee will be deducted.
Late payment fee: a 50 mhl fee will be added per unpaid month. After the third month of no payment the land will be reposessed and held for 30 days, at which time the -full- balance of defaulted monthly payments, w/fees, must be paid before the property is returned to the purchaser (i.e. Jan- 60, Feb- 60, Mar- 60, total 180. Late fees total - 100. Balance that must be paid - 180+100 = 280).
It is the responsibility of the character who takes out the mortgage to keep up with their payments, not the REB office.
If there have been no payments within a six month period, and no notification of an absence, then the office will take steps to reclaim the land.
What this means in plain and simple terms.
If you take out a mortgage, it is linked to the 'PLOT OF LAND' and not to the House or Improvement that you have brought on the mortgage. And as stated in the above quote, if you fail to make payments then the 'LAND' will be repossessed.. not just the item for which the mortgage is for, but everything and anything that is on it.