When a borrower fails to comply with the terms and conditions of the signed promissory note and trust deed.
Default is failure to comply with the terms of an obligation to such an extent that a judgment has been rendered in favor of a failed institution or, in the case of a secured obligation, when the property on which such obligation is secured is foreclosed.
- Browse Related Terms: agent, Beneficiary, Co-Homeowners, Deed, Default, Grantor, Negative Equity, Real property, Title, trust, trust deed, Trustee
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