What is a legal term for a missed payment?

Answer by  ehmarasigan (20)

When people have problems or experienced difficulty paying off their debts, loans or credit. It cause a huge problem with their loan or card issuer. A "Missed Payment" is most commonly known as "Delinquent Payment" or "Default Payment" for many financial institutions like banks, mortgage companies, lending companies, and credit card companies etc..

Answer by  patti (29325)

A missed payment is essentially a "default," in that it violates the terms of the agreement. Multiple missed payments result in a loan being "in default" or "defaulted. " One missed payment is usually not reason to consider the loan defaulted since one payment usually can be made up.

Answer by  Bob98 (100)

The proper term for a missed payment is a "legal opinion". Some court would need to have a set of fact and be able to make a decision from those facts. Both parties would need to provide the separate facts in order for a court make a ruling on the matter.