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Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Default

Phonetics: de·fault    \'dē-fˌfȯlt\

Definition 1:
Failure to meet legal obligations in a contract, specifically, the failure to make payments on a mortgage.

Definition 2:
A violation of a covenant associated with a loan.