Mortgage Glossary
Default
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Default is failing to meet the legal obligations of a mortgage, most commonly by missing scheduled payments.
What Default means
After enough missed payments, the lender can begin foreclosure. Federal rules generally require waiting until a loan is 120 days delinquent before starting the process, giving borrowers time to seek help.
Florida example
A Florida homeowner who falls 120 days behind faces a foreclosure filing, but contacting the servicer early can open options like forbearance, a repayment plan, or loan modification before it reaches court.
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