What is characterized as a failure to meet requirements of a mortgage or note?

The term that is best characterized as a failure to meet the requirements of a mortgage or note is "default." In real estate, a default occurs when a borrower fails to fulfill their obligations under the terms of the loan agreement. This can include failing to make timely payments, not adhering to the terms of the mortgage, or violating any covenants outlined in the loan agreement.

"Default" serves as an umbrella term that encompasses all types of failures to comply with the loan terms, thereby indicating a broader situation than the more specific types of defaults that might arise, like technical or substantive defaults. The use of "default" is accurate as it reflects any breach of the loan terms without specifying the nature or cause of the breach.

Other terms present in the options may refer to specific situations within the broader context of default, but "default" is the comprehensive term defining the overall failure to meet mortgage obligations.