Legal
Default
Failure to meet the legal obligations of a loan
Full Definition
Default: Failure to meet the legal obligations of a loan. Understanding this concept is important when navigating the mortgage process. NMHL loan officers can explain how default applies to your specific mortgage situation.
Why It Matters
Understanding default helps you make informed decisions about your mortgage. This knowledge can save you money and help you avoid common pitfalls in the homebuying process.
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Frequently Asked Questions
Default refers to failure to meet the legal obligations of a loan. This is an important concept in mortgage lending that affects how your loan works.
Understanding default can help you make better decisions about your mortgage. Contact NMHL for personalized guidance on how this applies to your situation.
Ready to Put This Knowledge to Work?
Connect with an NMHL mortgage expert who can help you navigate the mortgage process.