Definition: The mortgage default refers to the situation where a borrower or a lender fails to make payments on their home loan as scheduled, which may result in the lender taking legal action against the borrower for non-payment. For example, if a borrower defaults on their payment obligations under a mortgage loan, they could face foreclosure proceedings or a lawsuit. This could lead to the borrower being evicted from their home and potentially facing financial hardship. In some cases, this default could also result in higher interest rates or fees being added to the borrower's credit report. To avoid defaulting on a mortgage loan, it is important for both the lender and borrowers to stay on top of payments and keep track of any changes that may affect their ability to make payments. This can help ensure that all parties involved are aware of potential consequences of defaulting, which can be beneficial in maintaining financial stability and preventing future defaults.
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