"Defaulted mortgages" refers to home loans where the borrower has failed to make the required payments as agreed upon in the loan contract. Full definition
Performed extensive background investigation of borrowers of defaulted mortgage loans and comparing to the original application seeking misrepresentation and possible fraud. (jobhero.com)
• Continue to sell expanded pools of defaulted mortgages headed for foreclosure through the Distressed Asset Stabilization Program (DASP), offering investors and borrowers the opportunity to avoid costly foreclosures — and even giving homeowners an additional chance at staying in their homes — while reducing costs to the Fund. (rismedia.com)
Coupled with less than mandatory reserves for paying claims for defaulted mortgage loans, this is causing legislators to question whether FHA should up the ante on its lending requirements at the expense of potential borrowers who can not meet higher underwriting standards. (fhaloanpros.com)