Default

Borrowers default when they breach a term of their loan agreement. For example, a home owner might go into default by failing to make scheduled [[wex:mortgage]] payments.

This entry refers to defaults in a debtor and creditor context. For defaults in a procedural context, see [[wex:default_judgment|default judgment]].

See [[wex:debtor_and_creditor|Debtor and Creditor Law]].