A formal written notice to inform a borrower that he/she is behind in payments and that legal action may be taken.

is a written notice to a borrower that a default of the contract has happened.

A notice of homeownerâ€(tm)s failure to perform his/her obligations as to the payment of assessments under the Declaration of Covenants, Conditions, and Restrictions (CC&Rs). When recorded, it is the initial step in a Trusteeâ€(tm)s Sale Proceeding.

To initiate a non-judicial foreclosure proceeding involving a public sale of the real property secured by a Deed-of-Trust, the Trustee records (in the public records) a Notice of Default and Election to Sell the real property collateral.

A written document that gives notice of public record that a borrower has failed to perform his or her obligation under the terms of the promissory note. This document is recorded.

a communication to another person or entity informing them that they have defaulted on an obligation within an agreement

a document that is recorded with the county recorders office by a trustee and formally starts the foreclosure process

a legal document that may be difficult to understand

a letter that one person (the creditor) sends to another (the debtor) before taking legal action against him

A notice that is sent out by the lender when a mortgage payment is late in an attempt to cure or make the loan current.

Written, recorded notice that there has been a default under a deed of trust and/or note. Ordinance - A legislative enactment of a city or county.

A notice filed with the county recorder to show that the borrower is in default (usually, behind in payments) under a deed of trust or mortgage.

Notice that a default has occurred under a deed of trust and that the beneficiary intends to proceed with a trustee's sale. Must be recorded to be valid.

A legal document that states that a mortgagor is in default, and that further legal action is most likely forthcoming.

Written notice to a borrower that a default of the contract has occurred and that legal action may be taken.

Notice given to interested parties of the default of the trustor.

A notice filed with a county records office to show that the borrower under a mortgage or deed of trust is in default.

A notice of default is a formal written notice to a borrower that he/she has defaulted and the legal action may be taken.

A written document which gives notice of public record that a borrower has failed to perform his / her obligation. The trustee's sale proceeding commences when the notice is recorded.

A recorded notice of a borrower's failure to perform the obligations in a deed of trust.

A written notice to a borrower that the payment has not been made and that legal action will be taken, if not remedied.

to initiate a non–judicial foreclosure proceeding involving a public sale of the real property securing the deed of trust. The trustee under the deed of trust records a Notice of Default and Election to Sell ("NOD") the real property collateral in the public records.

A written document informing the borrower that default has occurred; the notice may include a description of what can be done to “cure” or fix the default.

The step in the foreclosure process where the lender informs the court that the borrower is in arrears.

A formal announcement delivered to a party informing or reminding that individual or entity that their loan obligation is currently in default. For more information, see the "Mortgage Deed and Promissory Note" article in the "Real Estate In-Depth" section.

A recorded notice that a default has occurred under a Deed of Trust and/or note.

An initial action from a lender when a borrower's mortgage payment is late and all other attempts to resolve the issue out of court have been unsuccessful.

A notice filed to show that the borrower under a mortgage is in default (behind on the payments).

Part of the process where a lender is proceeding to foreclose on the property due to non-payment or late payments on a mortgage. The lender informs the court that the borrower is late on the payments. A formal notice is given to the borrower notifying that legal action may be taken if the payments are not immediately caught up.

Written notice to a borrower that a default has occurred and that legal action may be taken. if (window.name=="QuickenLoansPopupHelp") { document.write('INPUT TYPE="button" VALUE="Close" onClick="javascript:self.close()"')} else { document.write('B<A href="javascript:history.go(-1);"Back/A/B') } Back

A notice to a defaulting party announcing that a default has occurred. The defaulting party is usually provided a grace period during which to cure the default. Notices of default are frequently provided for in contracts for deed and mortgages and are sometimes required by operation of law.

Written notice to a borrower showing default on a mortgage.

A step in the foreclosure process in which the lender formally informs the court that the borrower is in late in payments.

A formal written notice to a borrower that a default has occurred and that legal action may be taken.

Notice recorded after default under a deed of trust or mortgage. Also, the notice sent to defaulting borrowers, required by insurers or guarantors such as FHA, VA, or MIC.

A notice that is recorded in the county recorder's office stating that a trust deed is in default and that the holder has chosen to have the property sold. The trustor (property owner) has three months after the date of recording to reinstate the loan . Recorded notice that a trustor has defaulted on his secured debt. Back to the Top

Recorded notice that a Default has occurred under the terms of a Deed of Trust.

A formal written notice to a borrower that their loan is in default and that legal action may be taken.

A formal notice that legal action my be taken because of nonpayment.

written notice that a loan is in default and legal action will be taken to satisfy the loan.

A letter sent to a defaulting party as a reminder of the default. May state a grace period and the penalties for failing to cure the default.

Written notice to a borrower that a default has occurred and that legal action may be taken. Origination Fee Fee charged by a lender to cover administrative costs of processing a loan.

(1) A notice recorded after the occurrence of a default under a deed of trust or mortgage; (2) A notice required by an interested third party who has insured or guaranteed a loan (i.e., FHA, VA, or a private mortgage insurer).

A lender's initial action when a mortgage payment is late and attempts to reconcile the issue out of court have failed.

A recorded notice of a trustor's failure to perform his/her obligation under a deed of trust. The beginning step in nonjudicial foreclosure of a deed of trust.

A notice that is recorded and is given to a person or persons entitled to it, which states that a trust deed is in default and that the trust deed holder has chosen to have the property sold. This notice starts the running of a 3‑month grace period during which the property owner can cure the default by paying up a debt that is past due.

Any official notification that a borrower has failed to pay. In mortgages, it can describe a formal step in the foreclosure process in which the lender notifies the courts of a borrower's failure to pay.

A notice to a defaulting party that there has been a default, usually providing a grace period in which to cure the default.

A notice sent to the wrongful party as recognition of a default made.

a formal notice to a borrower that they’ve defaulted and may face legal action

The initial action taken by a lender when a mortgage falls into arrears and attempts to reconcile the issue out of court have failed. The Notice will normally give the defaulting party the terms necessary to remedy a default and the time period during which is must occur.

When a default (failure to pay or perform) has occurred under a deed of trust, this document is recorded and delivered to the borrower by the trustee.

A notice recorded after the occurrence of a default under a deed of trust or mortgage. Typically required by an interested third party that has insured or guaranteed the loan.

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 forclose the borrower's property. Any other people whom may be affected by the forclosure may also receive a copy of the notification.