Notice of Default

Notice of Default definition:

A notice of default is a notification given to a borrower stating that he or she has not made their payments by the predetermined deadline. It dictates that if the money owed (plus an additional legal fee) is not paid in a given time, the lender may choose to foreclose the borrower’s property. Any other people whom may be affected by the foreclosure may also receive a copy of the notification.


2 Comments on "Notice of Default"

  1. Dismal Job Market Drives Up Foreclosures | Housing Assist of America on Thu, 12th Aug 2010 3:35 pm 

    […] activity has risen in the past month, taking into consideration notice of defaults, scheduled auction and repossessions.  In July action was forced on 325,229 properties, with one […]

  2. what does my name mean on Sun, 5th Sep 2010 2:11 pm 

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