Default
114 definitions

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Failure to repay a loan according to the terms agreed to. For the FFEL and Direct Loan programs, your loan is in default if you fail to make a payment for 270 days, if you repay monthly (or 330 days, if your payments are due less frequently). Your lender is required to report the default to at least one national credit bureau.

FK Reading Ease
72.6

FK Grade Level
High School
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    The failure of a defendant to file an answer or appear in a civil case within the prescribed time after having been properly served with a summons and complaint. The tribunal hearing the case can enter an order based on information presented without any challenge if the responding party does not answer the claim or appear in court as requested. This is called a default order.

    FK Reading Ease
    52.5

    FK Grade Level
    High School
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    A “default” in an action at law occurs when a defendant fails to plead within the time allowed or fails to appear at the trial.

    FK Reading Ease
    63

    FK Grade Level
    High School
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    A default occurs when a party fails to plead or otherwise defend within the time allowed or fails to appear at a court appearance.

    FK Reading Ease
    55.6

    FK Grade Level
    High School
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    A failure of the defendant to file the appropriate papers within the time allowed or to appear in court during a scheduled hearing.

    FK Reading Ease
    47.4

    FK Grade Level
    College
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    The failure to appear, to defend, or to follow proper procedure in a lawsuit.

    FK Reading Ease
    59.7

    FK Grade Level
    High School
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    The failure to do what is required to be done, e.g., when a defendant in a civil case does not file an answer as required, or when a defendant in a criminal case fails to appear for a hearing in the case when required to do so.

    FK Reading Ease
    81.3

    FK Grade Level
    Elementary School
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    A failure to comply to make any payment or to perform any other obligation under the mortgage, and such failure continues for a period of 30 days.

    FK Reading Ease
    44.7

    FK Grade Level
    College
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    The inability to make timely monthly mortgage payments or otherwise comply with mortgage terms. A loan is considered in default when payment has not been paid after 60 to 90 days. Once in default the lender can exercise legal rights defined in the contract to begin foreclosure proceedings

    FK Reading Ease
    58.4

    FK Grade Level
    High School
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    An automated process used to make random managed care assignments for beneficiaries who do not make a selection of a primary medical provider of their own accord or were not assigned through auto assignment.

    FK Reading Ease
    20.5

    FK Grade Level
    Graduate School
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