Default in Payment. The Borrower (i) shall fail to pay when due under this Agreement or any other Loan Document (whether upon demand, at maturity, by reason of acceleration or otherwise) the principal of any of the Loans or (ii) shall fail to pay when due any interest on any of the Loans or any of the other payment Obligations owing by the Borrower under this Agreement, any other Loan Document Lenders will deem a loan in default when you haven't paid the minimum required payment for a certain number of months in a row, as detailed in your loan contract. Loan defaults can happen with any type of loan, whether a mortgage, credit card, or a corporate finance, default is failure to meet the legal obligations (or conditions) of a loan, for example when a home buyer fails to make a mortgage payment, or when a corporation or government fails to pay a bond which has reached maturity. A national or sovereign default is the failure or refusal of a government to repay its national ;· When you stop making payments, you "default" on a loan. What happens next depends on the type of loan you have. Learn what it means when you you do default on a loan, don’t worry. You can bring yourself out of that situation by taking the following steps: 1. Don’t panic: Defaulting a loan payment can be the source of stress and worry. Begin with calmly figuring out your expenditure and understanding how you were unable to make the on a Loan: What Is It? - The BalanceWhat happens if I default on a personal loan? | Loan Default - How to Manage it? - Nitin BhatiaDefaulting on a Loan: What Is It? - The Balance

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