Notice of Default
Definition:
A Notice of Default (NOD) is a document that gives formal notice that a borrower has failed to pay, or defaulted, on a loan or debt. This notice is the first step in the real estate foreclosure process. It is used to notify the borrower that the lender will seize the property if the payments are not taken care of. A Notice of Default may be seen by the general public and is typically placed on the front window of a house.Consequences of Notice of Default:
Lenders typically wait until the borrower is approximately 60 days late in making payments before they officially file a Notice of Default. Upon giving the notice, they must wait 90 days, which is the time allocated for the borrower to make any and all necessary payments and reinstate the loan. After these 90 days, the lender may publish a public notice in the newspaper for 20 days and sell the property to the highest bidder. If you receive a Notice of Default, immediately contact your mortgage lender and try to agree on modification. If you are granted forbearance, you can have additional time to make the required mortgage payments.What a Lawyer can do for you:
If you received a Notice of Default, you may be feeling denial, guilt and perhaps embarrassment. It is important to remember that you can take action and get an outcome that will work in your favor. Speak to a real property lawyer on ways you can consolidate your debt at a lower interest rate and get loan modification. You may also ask your lender to refinance you.Lawyer Referral Service:
If you have received a Notice of Default, take action immediately by contacting Attorney Search Network. We can help you find real property lawyers so you can save the home you love from foreclosure.
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