Default vs. Foreclosure

Defaultnoun

(finance) The condition of failing to meet an obligation.

Defaultnoun

the original software programming settings as set by the factory

Defaultnoun

A loss incurred by failing to compete.

Defaultnoun

A selection made in the absence of an alternative.

Defaultnoun

A value used when none has been given; a tentative value or standard that is presumed.

Defaultnoun

(legal) The failure of a defendant to appear and answer a summons and complaint.

Defaultnoun

(obsolete) A failing or failure; omission of that which ought to be done; neglect to do what duty or law requires.

Defaultnoun

(obsolete) Lack; absence.

Defaultnoun

(obsolete) Fault; offence; wrong act.

Defaultverb

(intransitive) To fail to meet an obligation.

Defaultverb

(intransitive) To lose a competition by failing to compete.

Defaultverb

To assume a value when none was given; to presume a tentative value or standard.

Defaultverb

To fail to appear and answer a summons and complaint.

Defaultnoun

A failing or failure; omission of that which ought to be done; neglect to do what duty or law requires; as, this evil has happened through the governor's default.

Defaultnoun

Fault; offense; ill deed; wrong act; failure in virtue or wisdom.

Defaultnoun

A neglect of, or failure to take, some step necessary to secure the benefit of law, as a failure to appear in court at a day assigned, especially of the defendant in a suit when called to make answer; also of jurors, witnesses, etc.

Defaultverb

To fail in duty; to offend.

Defaultverb

To fail in fulfilling a contract, agreement, or duty.

Defaultverb

To fail to appear in court; to let a case go by default.

Defaultverb

To fail to perform or pay; to be guilty of neglect of; to omit; as, to default a dividend.

Defaultverb

To call a defendant or other party whose duty it is to be present in court, and make entry of his default, if he fails to appear; to enter a default against.

Defaultverb

To leave out of account; to omit.

Defaultnoun

loss due to not showing up;

Defaultnoun

act of failing to meet a financial obligation

Defaultnoun

loss resulting from failure of a debt to be paid

Defaultnoun

an option that is selected automatically unless an alternative is specified

Defaultverb

fail to pay up

Foreclosurenoun

(legal) the proceeding, by a creditor, to regain property or other collateral following a default on mortgage payments

Foreclosurenoun

(psychoanalysis) The absence of a symbolic father for a fatherless child, as a cause for psychosis.

Foreclosurenoun

The act or process of foreclosing; a proceeding which bars or extinguishes a mortgager's right of redeeming a mortgaged estate.

Foreclosurenoun

the legal proceedings initiated by a creditor to repossess the collateral for loan that is in default

Foreclosure

Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.Formally, a mortgage lender (mortgagee), or other lienholder, obtains a termination of a mortgage borrower (mortgagor)'s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure).Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt.