Default vs. Foreclosure — What's the Difference?
Difference Between Default and Foreclosure
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Default
Failure to perform a task or fulfill an obligation, especially failure to meet a financial obligation
In default on a loan.
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.
Default
(Law) Failure of a party in a case to make a required court appearance.
Foreclosure
The act of foreclosing, especially a legal proceeding by which a mortgage is foreclosed.
Default
The failure of one or more competitors or teams to participate in a contest
Won the championship by default.
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Foreclosure
A property that has undergone foreclosure
Decided to purchase a foreclosure.
Default
(Computers) A particular setting or value for a variable that is assigned automatically by an operating system and remains in effect unless canceled or overridden by the operator
Changed the default for the page margins.
Foreclosure
(legal) the proceeding, by a creditor, to regain property or other collateral following a default on mortgage payments
Default
A situation or condition that is the case in the absence of active intervention.
Foreclosure
(psychoanalysis) The absence of a symbolic father for a fatherless child, as a cause for psychosis.
Default
To fail to do what is required.
Foreclosure
The act or process of foreclosing; a proceeding which bars or extinguishes a mortgager's right of redeeming a mortgaged estate.
Default
To fail to pay money when it is due.
Foreclosure
The legal proceedings initiated by a creditor to repossess the collateral for loan that is in default
Default
(Computers) To revert to a default.
Default
To fail to appear in court as a party to a case when summoned.
Default
To lose a case by not appearing.
Default
To fail to take part in or complete a scheduled contest.
Default
To fail to perform or pay.
Default
(Law) To lose (a case) by failing to appear in court.
Default
To fail to take part in or complete (a contest, for example).
Default
(finance) The condition of failing to meet an obligation.
He failed to make payments on time, and he is now in default.
You may cure this default by paying the full amount within a week.
Default
(finance) The condition of being an obligation that has not been met.
The deadline has passed, so the debt is now in default.
Default
The original software programming settings as set by the factory
Default
A loss incurred by failing to compete.
The team's three losses include one default.
Default
A selection made in the absence of an alternative.
The man became the leader of the group as a default.
Default
A value used when none has been given; a tentative value or standard that is presumed.
If you don't specify a number of items, the default is 1.
Default
(legal) The failure of a defendant to appear and answer a summons and complaint.
Default
(obsolete) A failing or failure; omission of that which ought to be done; neglect to do what duty or law requires.
This evil has happened through the governor's default.
Default
(obsolete) Lack; absence.
Default
(obsolete) Fault; offence; wrong act.
Default
(intransitive) To fail to meet an obligation.
Default
To fail to appear and answer a summons and complaint.
Default
Verb-financeTo fail to fulfill a financial obligation.
To default on a loan
Default
(intransitive) To lose a competition by failing to compete.
If you refuse to wear a proper uniform, you will not be allowed to compete and will default this match.
Default
To assume a value when none was given; to presume a tentative value or standard.
If you don't specify a color, it defaults to red.
Default
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.
Default
Fault; offense; ill deed; wrong act; failure in virtue or wisdom.
And pardon craved for his so rash default.
Regardless of our merit or default.
Default
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.
Cooks could make artificial birds and fishes in default of the real ones.
Default
To fail in duty; to offend.
That he gainst courtesy so foully did default.
Default
To fail in fulfilling a contract, agreement, or duty.
Default
To fail to appear in court; to let a case go by default.
Default
To fail to perform or pay; to be guilty of neglect of; to omit; as, to default a dividend.
What they have defaulted towards him as no king.
Default
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.
Default
To leave out of account; to omit.
Defaulting unnecessary and partial discourses.
Default
Loss due to not showing up;
He lost the game by default
Default
Act of failing to meet a financial obligation
Default
Loss resulting from failure of a debt to be paid
Default
An option that is selected automatically unless an alternative is specified
Default
Fail to pay up
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