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DefaultFailure to meet legal obligations in a contract, specifically, failure to make the monthly payments on a mortgage. |
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Related Mortgage Definitions: Foreclosure Foreclosure A legal process by which the lender or the seller forces a sale of a mortgaged property because the borrower has not met the terms of the mortgage. Also known as a repossession of property. When the process is complete, it is typically said that "the lender has ... more... Default Default Failure to meet legal obligations in a contract, specifically, failure to make the monthly payments on a mortgage. You'll ... more... Title Title Title is a legal term for an owner's interest in a piece of property. It may also refer to a formal document that serves as evidence of ownership. Conveyance of the document may be required in order to transfer ownership in the property to another person. Title is ... more... Survey Survey A measurement of land, diagram, prepared by a registered land surveyor, showing the location of the land, legal boundaries with reference to know points, its dimensions, and the location and dimensions of any buildings. ... more... |
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