Notice of default
From Wikipedia, the free encyclopedia
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.
[edit] References
- Notice of default. Retrieved on 2006-05-30.
 |
This law-related article is a stub. You can help Wikipedia by expanding it. |
