In the context of a mortgage, what does "default" mean?

In the context of a mortgage, "default" refers to the situation when a borrower fails to meet their legal obligations as stipulated in the mortgage agreement. This typically involves not making the necessary monthly payments or failing to comply with other terms set forth in the loan contract. When a borrower defaults, it indicates that they are in breach of the agreement, which can initiate a series of consequences, such as the lender taking steps to recover the amount owed. This definition aligns directly with the overall understanding of default in the lending industry, where it signifies a failure to comply with the terms of the loan, rather than any actions regarding the property itself or the status of payments being current.