"Payment default" refers to the failure or inability to make a payment that is expected or required. It is when a person or organization cannot pay the amount they owe, usually to a lender or creditor. Full definition
Because of the government guarantee reduces the risk of payment default. (vahomemortgageloans.org)
This will not happen overnight but with less and less first payment defaults, there will be less and less foreclosures going forward. (rosevilleloanexpert.com)
Many more entities are utilizing credit checks to decrease their risks for payment defaults or claims for insurance. (creditrepair.org)