default

Definition

Failure to make required debt payments on a timely basis or to comply with other conditions of an obligation or agreement.

Use default in a sentence

The notice of default was sent to the home owner who was scheduled for a foreclosure soon so the bank performed as expected.

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As spoken within the contractual agreement on the mortgage, the owner had defaulted on his due payment and his house was reposed.

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Fred owed the bank much more than his house was worth, and he lived in a non-recourse state, so he decided to default on his mortgage.

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loan guarantee gross negative fair value (GNFV)