What is NOTICE OF DEFAULT?

A note stating the intent of legal action against the borrower by the lender, in the event that the borrower is in default.

More On This Topic

  1. Legal Aid: Free And Low-Cost Help When You Need It
  2. What Is A Default Judgement?
  3. Mortgage Law: Judicial vs. Non-Judicial Foreclosure
  4. How to Write a Notice to Vacate
  5. How To Write A Promissory Note
  6. Two Important Differences Between A Mortgage and Deed of Trust
  7. Is Credit Life Insurance Worth the Cost?
  8. Nine Debt Collector Tactics That Violate The Federal Debt Collections Practices Act
  9. Writing a 30-day notice of intent to vacate to your landlord
  10. 3 Common Misconceptions People Have About Mortgage Law

Related Legal Terms

MONETARY DEFAULT, POTENTIAL DEFAULT, LEGAL NOTICE, MORTGAGE DEFAULT SECURITIZATION, NOTICE OF CANCELLATION, DEFAULT, EVENT OF DEFAULT, NOTICE OF WITHDRAWAL, NOTICE OF STRIKE, CREDIT DEFAULT MODEL


Link to This Definition

Did you find this definition of NOTICE OF DEFAULT helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary