Notices of Default

A Notice of Default is a formal notification from a lender to a borrower, indicating that the borrower has failed to meet the terms of their loan agreement, typically by missing payments. This notice serves as a warning that the lender may initiate foreclosure proceedings if the situation is not resolved. It is an important step in the process of managing delinquent loans, allowing the borrower a chance to rectify the default, often by paying overdue amounts or renegotiating terms, to avoid losing the property or facing further legal action.