what is loan defaulting or mortgage defaulting?



Real Estate Agent's usually refer to it as an NOD (Notice of Default) and basically that means that the owner of the home has basically stopped making mortgage payments or is paying very late. Basically the home is about to be in foreclosure, you should try having a short sale before the bank takes the home away. Short sales are basically a sale that has to be approved by the bank. This will look better on your credit report than a foreclosure. Foreclosures will stay on your credit for 10 years and Short Sales stay for about 2-3 years.

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6 Replies to “what is loan defaulting or mortgage defaulting?”


  1. A scum bag that does not pay their debts, thus causing the price of everything else to go up for people like me that pay all of their debts.


  2. Its when you don’t pay your loan/mortgage. Being in default means that you did not live up to the terms of the agreement and the lender can start taking actions to collect in other ways from you such as foreclosure, garnish wages, tax returns, collections agency, etc.



  3. Real Estate Agent’s usually refer to it as an NOD (Notice of Default) and basically that means that the owner of the home has basically stopped making mortgage payments or is paying very late. Basically the home is about to be in foreclosure, you should try having a short sale before the bank takes the home away. Short sales are basically a sale that has to be approved by the bank. This will look better on your credit report than a foreclosure. Foreclosures will stay on your credit for 10 years and Short Sales stay for about 2-3 years.


  4. if u take a loan from bank or buy a house on loan taken from a bank or housing company and fail to pay back the money due it is defaulting. , simple.





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