Default
Last updated 2026-08-01
Fannie Mae
Updated 2026-08-01
The failure to make a mortgage payment or to otherwise comply with one or more covenants of the mortgage.
Fannie Mae Glossary of Terms
Fannie Mae · pp. 10–13
FTC
Updated 2026-08-01
Failure to fulfill a legal obligation. A default includes failure to pay on a financial obligation, but also may be a failure to perform some action or service that is non-monetary. For example, when leasing a car, the lessee is usually required to properly maintain the car.
FTC Real Estate Terms
FTC · pp. 6–7
FHA Single Family Housing Policy Handbook Glossary November 26 2025
Updated 2026-08-01
A Mortgage is in Default when the Borrower fails to make any payment or to perform any other obligation under the Mortgage for a period of 30 Days.
FHA Single Family Housing Policy Handbook Glossary November 26 2025
p. 12
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