dih fawlt
noun
1. failure to take positive action; neglect.
He had not actively decided to close his account; it was a choice made by default.
2. failure to perform an action or fulfill an obligation that is legally or morally required, esp. the obligation of paying money that is owed.
In the case of default on your home loan, the bank may end up taking possession of your property.
3. the state of having failed to pay an amount owed within an allotted amount of time.
The bank will not grant you a loan if it finds you in default with respect to other creditors.