Default

A failure to perform a legal duty, such as failing to make mortgageIncludes all forms of debt for which real property, that is, land and/or buildings, is given as security. or auto loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without payments on time, failing to maintain adequate insuranceSee "property insurance;" "private mortgage insurance;" "insured mortgage;" "title insurance.", or violating another termThe time period by the end of which a debt must be fully repaid. Also refers to the maturity period of the loan.

Default

Default is a failure to repay a loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without according to the termsThe specific conditions of a loan, including the requirements governing receipt and repayment of a loan. you agreed to when you signed a promissory noteThis document represents the legal, contractual obligation of the debtor. The principal, interest rate,. For the Federal Family Education LoanFederal Family Education Loans (FFELs) are federal student loans made by eligible private lenders to (FFELSee Federal Family Education Loan Program.) and Direct LoanA loan provided to the borrower directly from a Federal agency. programs, default is more specific - it occurs if you fail to make a paymentPeriodic (usually monthly) installments paid to a lender to be applied toward repaying your loan. Payments for 270 days if you repay monthly (or 330 days if your payments are due less frequently). The consequences of default are severe. Your school, the lenderThe entity that provides loan funds to the borrower. Depending on the type of loan, the lender may be or agencyThe Rural Housing Service or its successor agency within the Rural Development mission area of the U.S. that holds your loan, the state, and the federal government may all take action to recover the money, including notifying national credit bureausor “consumer reporting agencies,” are companies that compile credit reports, and supply credit information of your default. This affects your credit ratingThe estimate of the amount of credit that can be extended to a borrower without undue risk based on for a long(1) One who has bought a futures contract to establish a market position; (2) a market position that time. For example, you might find it very difficult to borrow money from a bank to buy a car or a house. In addition, the Internal Revenue Service can withholdThe portion of the fee or monthly capitation payment to the health care provider that is held back by your U.S. individualA person as defined. income taxA tax on income. refundAn amount paid back because of an overpayment or because of the return of an item previously sold. and apply it to the amount you owe, or the agency holding your loan might askThe price level of an offer, as in bid-ask spread. your employer to deductTo subtract an amount from income that is being taxed. Homeowners can deduct interest they pay on their payments from your paycheck. Also, you're liableResponsible or answerable by law; legally obligated. for loan collectionThe efforts used to bring a delinquent mortgage current and to file the necessary notices to proceed expensesThings that you are required to spend money on, such as food, clothing, housing, or other things that you have to have.. If you returnProfit from an investment; the yield. to school, you're not entitled to receive additional federal student aid. Legal action also might be taken against you. In many cases, default can be avoided by submitting a request for a defermentThe temporary postponement of loan payments., forbearanceThe lender's postponement of foreclosure to give the borrower time to catch up on overdue payments., or dischargeThe release of borrowers from their obligations to repay their FDLP loans. Borrowers must meet certain (cancellationThis is when an insurance company or an insured person voluntarily ends an insurance policy according) and by providing the required documentation.

Default

Failure to fulfill a duty or promise or to dischargeThe release of borrowers from their obligations to repay their FDLP loans. Borrowers must meet certain an obligationLegal reservation of funds based on known requirements (a contract, for example), or an a realistic estimate of costs.; omission or failure to perform any act.

Default

Failure to fulfill a legal obligationLegal reservation of funds based on known requirements (a contract, for example), or an a realistic estimate of costs.. A default includes failure to pay on a financial obligation, but may also be a failure to perform some action or service that is non-monetary. For example, when leasing a car, the lesseeThe tenant in a lease agreement. is usually required to properly maintain the car.

Default

Failure to make a paymentPeriodic (usually monthly) installments paid to a lender to be applied toward repaying your loan. Payments per the termsThe specific conditions of a loan, including the requirements governing receipt and repayment of a loan. of a loan agreementA document under which an Issuer loans the proceeds of an Issue to a party in return for a promise to. A mortgageIncludes all forms of debt for which real property, that is, land and/or buildings, is given as security. is usually considered in default if payment is not received within thirty days after that payment's due dateIn a revolving charge, loan or credit card account, the date by which payment should be received at the lending entity..

Default

failure to make loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without payments or otherwise honor a loan's termsThe specific conditions of a loan, including the requirements governing receipt and repayment of a loan..

Default

Failure to make mortgageIncludes all forms of debt for which real property, that is, land and/or buildings, is given as security. payments on a timely basisThe total amount paid for a property, including equity capital and the amount of debt incurred. For or to comply with other requirements of a mortgage.

Default

Failure to meet the termsThe specific conditions of a loan, including the requirements governing receipt and repayment of a loan. of a creditThe ability of a person to borrow money, or buy good by paying over time. Credit is extended based on agreementAn exchange of promises, a mutual understanding or arrangement; a contract..

Default

Failure to perform a legal obligationLegal reservation of funds based on known requirements (a contract, for example), or an a realistic estimate of costs.; a default includes failure to pay on a financial obligation, but may also be a failure to perform some action or service that is non monetary.

Default

Failure to perform a specific, required legal duty.

Default

Failure to perform on a futures contractAn agreement to purchase or sell a commodity for delivery in the future: (1) at a price that is determined as required by exchangeWhen ownership of like-kind properties are transferred between two or more owners; can result in postponement rulesThe principles for governing an exchange. In some exchanges, rules are adopted by a vote of the membership,, such as failure to meet a margin call(1) A request from a brokerage firm to a customer to bring margin deposits up to initial levels; (2), or to make or take deliveryThe tender and receipt of the actual commodity, the cash value of the commodity, or of a delivery instrument.

Default

Failure to repay a loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without according to the termsThe specific conditions of a loan, including the requirements governing receipt and repayment of a loan. of the promissory noteThis document represents the legal, contractual obligation of the debtor. The principal, interest rate,. This failure must persist for 270 days.

Default

Failure to repay a loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without in accordance with the termsThe specific conditions of a loan, including the requirements governing receipt and repayment of a loan. of the promissory noteThis document represents the legal, contractual obligation of the debtor. The principal, interest rate,.

Default

Failure to repay a loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without or otherwise meet the termsThe specific conditions of a loan, including the requirements governing receipt and repayment of a loan. of your creditThe ability of a person to borrow money, or buy good by paying over time. Credit is extended based on agreementAn exchange of promises, a mutual understanding or arrangement; a contract.. A loan that is one day late is technically “in default”.

Default

The failure of a borrowerPerson responsible for repaying a loan who has signed and agreed to the terms in the promissory note. either to make payments when due or to comply with other termsThe specific conditions of a loan, including the requirements governing receipt and repayment of a loan. of the promissory noteThis document represents the legal, contractual obligation of the debtor. The principal, interest rate,.

Default

The failure to repay a loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without according to the termsThe specific conditions of a loan, including the requirements governing receipt and repayment of a loan. of the loan.

Default

The inability to make timely monthly mortgageIncludes all forms of debt for which real property, that is, land and/or buildings, is given as security. payments or otherwise comply with mortgage termsThe specific conditions of a loan, including the requirements governing receipt and repayment of a loan.. A loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without is considered in default when paymentPeriodic (usually monthly) installments paid to a lender to be applied toward repaying your loan. Payments has not been paidThis is the amount of tax posted as paid for the year in question, either in installment payments or after 60 to 90 days. Once in default the lenderThe entity that provides loan funds to the borrower. Depending on the type of loan, the lender may be can exercise legal rights defined in the contractThe formal legal document, also known as the "policy" that describes the agreement between the policyholder to begin foreclosureThe legal process used to force the payment of debt secured by collateral whereby the property is sold proceedings