Definitions for "NOTICE OF DEFAULT"
Keywords:  trustor, arrears, default, grace, cure
The written notice sent by a lender to a borrower stating that the borrower has not met his obligations under the loan contract and the lender may take legal action to enforce the agreement.
a written document that gives constructive notice of a trustor's failure to perform his obligation under a deed of trust. This document does not require the acknowledgment of a notary public and must be recorded.
A step in the foreclosure process in which the lender formally tells a court that the borrower is in arrears.
A lender's initial contact when you have fallen behind on your credit repayments.
A notice sent by a secured creditor to a debtor, informing the debtor of a breach of the loan agreement.