when you default on a loan means exactly what
2007-04-14 07:26:27 · 5 answers · asked by Jess V 1 in Business & Finance ➔ Renting & Real Estate
It means you failed to do or meet one or more things you agreed to, when you singed for the loan. Mostly, it means your payment was late.
2007-04-14 07:34:06 · answer #1 · answered by tkquestion 7 · 0⤊ 0⤋
It means you have not paid payments on time or at all and the loan can be handed over to a collection agency or other legal means to collect
2016-05-19 23:28:30 · answer #2 · answered by ? 3 · 0⤊ 0⤋
it means that you have failed to pay back the loan as agreed and now the lender/bank is in the position to foreclose on your property.
Regards
2007-04-14 11:27:04 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It means you are required by law to pay someone back certain amounts by certain deadlines, and you have missed one or more of those deadlines.
2007-04-14 07:35:20 · answer #4 · answered by valerie 1 · 0⤊ 0⤋
You do not pay it according to the agreed terms.
2007-04-14 07:29:33 · answer #5 · answered by Anonymous · 0⤊ 0⤋