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Mortgage glossary
Default
Failure to meet an important loan obligation, such as making payments as agreed. A missed payment can make the loan past due; the loan documents and law explain when default occurs and what may happen next. Contact the loan servicer quickly if payment problems begin.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.