What is a Default?

Loan Default Definition

A failure by the borrower to repay a loan. “Default” can technically and legally occur after a borrower fails to make a single payment. Defaulting on a loan can cause the lender to take multiple actions, but it usually takes a series of missed payment for a loan to go into foreclosure.

If you’d like to learn more, simply fill out the form below and a friendly FHA Streamline Refinance specialist will get in touch!