The FTC says Countrywide charged homeowners who were in default excessive fees for services like lawn mowing, property inspections and other services that were meant to protect the value of the property in default.

FORBES: 450,000 Countrywide Victims To Receive $108 Million For Excessive Fees

If you get in contact with your bank early enough, there's several things that the bank would try to do to prevent the property from going into default and eventually foreclosure.

NPR: Protect Yourself Against Lending Fraud

Banks have owned their branches and operational facilities, and prevailed in litigation permitting them to rent out surplus space and receive property pledged as collateral after a default.

ECONOMIST: American banks and property

Analysts and industry executives say it's difficult to predict how many of the maturing commercial property loans will wind up in default because they can't secure a new mortgage.

WSJ: Commercial Property Owners Facing Higher Rates

Some wealthy homeowners are choosing to strategically default, giving up the keys to an underwater property to limit their losses.

FORBES: Foreclosure Woes Of The Rich And Famous

Canadians who take out mortgages worth more than 80% of the value of the property must also take out insurance against default from a federal agency, the Canada Mortgage and Housing Corporation.

ECONOMIST: The least-bad rich-world economy

Analysts and investors who were caught out in 1998, worried by careless lending and over-zealous buying of shares and property, are warily predicting another bust, albeit smaller and without a government default.

ECONOMIST: Russia's economy

There is also a business consideration in that, for example, a community development district trying to sell property and build houses now faces buyer resistance due to the uncertainty a bond default brings.

FORBES: Even If A Bond Doesn't Default, You Can Still Lose Your Money

These bonds may default (the state's finances are looking very shaky), but if they do, the LA property market is in for trouble too.

FORBES: Magazine Article