But you can go into default on a private loan as soon as one payment is missed, though the rules vary by lender.
Borrowers who default on a Heloc can lose their home, while federal education loans are unsecured.
However, if you default on a home equity loan, you can lose your home.
The borrower thus has an incentive to default on a mortgage worth more than his home.
The Macklowes are also in default on a loan connected to a development site on Park Avenue and 56th Street.
The Macklowes are in default on a $510 million loan connected with a project planned for the Drake site.
Hollinger has warned it may default on a $120m bond issue against which the Telegraph has been offered as collateral.
She also defended herself against charges of financial irresponsibility, including her default on a mortgage in 2008.
The site says that even if you are in default on a private loan, you have rights.
Not to mention the fact that Greece could default on a broader level if Europe finally cuts off funds.
In other fraudulent transactions, a borrower might purposefully default on a mortgage he or she could actually afford.
