Default

The inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms.

Source: U.S. Department of Housing and Urban Development

Your failure to meet one or more conditions of your lease agreement. Default may result in early termination of the lease.

Source: Federal Reserve Board

Failure to perform on a futures contract as required by exchange rules, such as failure to meet a margin call, or to make or take delivery.

Source: Commodity Futures Trading Commission

The failure of a defendant to file an answer or appear in a civil case within the prescribed time after having been properly served with a summons and complaint.

Source: Office of Child Support Enforcement.

Last reviewed October 2022