Real Estate Definitions 1,274 > D 59

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Default

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  • Failure to fulfill a legal obligation. 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 lessee is usually required to properly maintain the car.

    Federal Trade Commission - Cite This Source - This Definition

  • The inability to make timely monthly mortgage payments or otherwise comply with mortgage terms. A loan is considered in default when payment has not been paid after 60 to 90 days. Once in default the lender can exercise legal rights defined in the contract to begin foreclosure proceedings

    US Department of Housing and Urban Development - Cite This Source - This Definition

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