The phrase "homeowner defaults" means that someone who owns a home is not able to make the payments on their mortgage loan anymore. This can lead to the bank taking ownership of the home. Full definition
When the local economy is weak, more homeowners default on their mortgages. (themortgagereports.com)
Unlike the better - known mortgage insurance, which protects lenders if homeowners default, mortgage protection insurance is, essentially, a type of life insurance. (globalnews.ca)
When the local economy is weak, more homeowners default on their mortgages. (themortgagereports.com)