Notice of Default

Definition

  • A step in the foreclosure process in which the lender formally tells a court that the borrower is in arrears.

Synonyms
delinquency, destitution, lapsed, deficiency, indebtedness, inadequacy, insufficient payment, disregard, failure to pay, insolvency

Acronyms
NOD

Related Terms and Acronyms

  • Contract Definition,
    • An agreement between two or more parties that can be enforced by law.
  • Default Definition,
    • When a borrower fails to fulfill the obligations of a loan or lease.
  • Delinquency Definition,
    • Failure to make mortgage payments when mortgage payments are due.
  • Delinquent Mortgage Definition, Important,
    • A mortgage loan where the borrower fails to make payments as specified in the loan agreement.
  • Forbearance Definition,
    • Delaying foreclosure, usually because the borrower has arranged to pay the amount in arrears.
  • Foreclosure Definition,
    • The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.
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