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TeachMeFinance.com - explain default Default -- the inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms. another definition... Default -- The failure to repay a loan according to the terms of the loan. another definition... default -- failure to do something that is required by duty, law, or the terms of a loan or other contract. The term is commonly used when a corporate, institutional or governmental borrower fails to pay the principal or interest on a debt when due. historic definition... Default -- Failure to perform or fulfil an obligation, as failure to make payment on a promissory note or acceptance at maturity (when due). Failure to pay interest on bonds when due constitutes a (U- fault and furnishes ground for application for a receivership. Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.