What is "default"?

What is "default"?

Ron Goodlin (Mortgage Banker and Broker, The Goodlin Group) gives expert video advice on: What happens if I cannot pay my mortgage?; Do I have a grace period to pay my mortgage loan? and more...

Default means you are just defaulting on your mortgage, and you can't make the payments. So you need to get in touch with that servicer, who is servicing your loan, and explain to them the situation of why you are defaulting. It could be medical-related or you could have just lost your job, so they'll even try to put you on some type of payment plan. But it really depends on the servicer of your loan as to how lenient they are when you default.