Default

Default is the failure of a borrower to make a scheduled payment on a loan. One late or missed payment may be forgiven by the lender, but several will result in default and the loan is declared delinquent. After a period of time, commonly six months after a loan becomes delinquent, forclosure proceedings begin that allow the lender to seize property used as collateral. Default may lead to bankruptcy and will severely damage a credit rating.

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