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Notice notice is a notice given to the borrower stating that he has not made their payment with a pre-determined deadline, or otherwise under default conditions on the mortgage contract. Other ways a borrower may be in default include not providing proper insurance coverage for the property, or not paying an agreed property tax. It states that if the money owed (plus additional legal fees), or other violations (es) is not paid/fixed within a certain time, the lender may choose to foreclose the borrower's property. Any other person who may be affected by a foreclosure may also receive a copy of the notice.
Video Notice of default
References
- "Default notification" . Retrieved 2006-05-30 .
Source of the article : Wikipedia
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