Non-compliance with the terms of your mortgage, including not making your monthly payments.
Merriam-Webster Online Dictionary
default (noun)1.
failure to do something required by duty or law - neglect
2.
archaic - fault
3.
a failure to pay financial debts
4.
a) failure to appear at the required time in a legal proceeding
b) failure to compete in or to finish an appointed contest - lost the game by default
5.
a) a selection made usually automatically or without active consideration due to lack of a viable alternative - remained the club's president by default
b) a selection automatically used by a computer program in the absence of a choice made by the user
intransitive verb
1.
to fail to fulfill a contract, agreement, or duty as
a) to fail to meet a financial obligation - default on a loan
b) to fail to appear in court
c) to fail to compete in or to finish an appointed contest , also to forfeit a contest by such failure
2.
transitive verb
to make a default selection - the program defaults to a standard font
1.
to fail to perform, pay, or make good
2.
a) - forfeit
b) to exclude (a player or a team) from a contest by default
Merriam-Webster Online Thesaurus
default (noun)the nonperformance of an assigned or expected action
SYNONYMS:
default, delinquency, dereliction, misprision, neglect, negligence, nonfeasance, oversightRELATED WORDS:
carelessness, heedlessness, inadvertence, inadvertency, laxityNEAR ANTONYMS:
compliance, discharge, fulfillment ( fulfilment)