Legal Question in Credit and Debt Law in Georgia

Loan default

How long can a loan be past due before it is considered in default?


Asked on 12/04/08, 10:32 pm

2 Answers from Attorneys
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Re: Loan default

Unless the loan paperwork says otherwise, less than one second.

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Answered on 12/04/08, 10:34 pm
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: Loan default

A "default" is a failure to comply with the terms of a contract. Missing a payment due date is generally just that. Some contracts define the term "default" -- read your contract.

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Answered on 12/05/08, 6:45 am


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