A notice of default is the fist step in the foreclosure process.
The notice to a borrower with a house as security under a mortgage or deed of trust that he/she is behind in payments. The notice generally states that if the owed amount, plus costs of preparing the legal papers for the default, is not paid within a certain time, foreclosure proceedings may start. Anyone else who’s a co-signer on the property usually receive copies of the notice of default as well.
1 response so far ↓
1 More on the Subprime Mortgage Bailout | Mortgage Foreclosure Litigation Resources // Dec 9, 2007 at 10:55 am
[...] lining up for this. This could be the first step towards the government buying all the defaulting mortgages, and bailing out Wall [...]
Leave a Comment