DEFAULT RETOTD Episode 00187

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Real Estate Term Of The Day LogoDEFAULT

The condition in which a borrower has failed to meet the obligations of a loan or mortgage. Failure to make the mortgage payment within a specified period of time. For first mortgages or first trust deeds, if a payment has still not been made within 30 days of the due date, the loan is considered to be in default.

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