Posts
And the WORD for Today is...
Notice of Default – is a formal, written notice to a borrower that a default has occurred and that the lender may move forward with foreclosure proceedings.
A notice of default is filed to show that the borrower under a mortgage or deed of trust is behind on their scheduled payments (in default). Whether or not the borrower has received notice of default could be important in their efforts to get the lender’s cooperation with a loss mitigation workout work-out. In judicial foreclosure states, notice of default is a required step in the foreclosure process.
“Notice of Default” – [as used in the PROMISSORY NOTE] basically states that if you are in default the NOTE Holder may opt to send you a notice which states you are in default and that they may demand payment of the full amount due under the NOTE (accelerate) if the past due amount is not received by a certain date. If the NOTE HOLDER chooses to accelerate then payment of the entire principal balance and all interest plus other allowable expenses will become due.
Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.
You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased at www.DovePublishingHouse.com.
(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)
Notice of Default – is a formal, written notice to a borrower that a default has occurred and that the lender may move forward with foreclosure proceedings.
A notice of default is filed to show that the borrower under a mortgage or deed of trust is behind on their scheduled payments (in default). Whether or not the borrower has received notice of default could be important in their efforts to get the lender’s cooperation with a loss mitigation workout work-out. In judicial foreclosure states, notice of default is a required step in the foreclosure process.
“Notice of Default” – [as used in the PROMISSORY NOTE] basically states that if you are in default the NOTE Holder may opt to send you a notice which states you are in default and that they may demand payment of the full amount due under the NOTE (accelerate) if the past due amount is not received by a certain date. If the NOTE HOLDER chooses to accelerate then payment of the entire principal balance and all interest plus other allowable expenses will become due.
Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.
You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased at www.DovePublishingHouse.com.
(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)
No comments:
Post a Comment