Real Estate Terms Glossary
What is the Meaning of Default?
A “default” happens when, as a borrower, you don’t make your mortgage payment and fall behind. So, if you fail to make mortgage payments timely, the mortgage note may go into default.
Note that when this happens, your home could go into foreclosure. In many cases, the foreclosure process starts within 30 days after the due date isn’t met.
Examples of Default
- Example 1: Home buyer defaults
- Example 2: Home seller defaults
Here’s Investopedia’s definition of a default .
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