Back to Glossary
Notice of Default
Updated
January 19, 2023
A notice of default is a public notification issued by a court that declares that a mortgage borrower defaults on a loan. When a borrower falls behind on their mortgage payments, the lender may submit a notice of default. Notices of default often include: - The borrower's and lender's names and addresses. - The legal address of the property. - The reason for the default. - Other applicable information. A notice of default is sometimes seen as the initial step toward foreclosure.
Related Topics
Payment and Debt Ratios
Home Value: Appraised, Estimated, Actual
How Much of a Mortgage Payment Goes to Principal
What Do Underwriters Do?
What Does Loan Underwriting Mean
Loan To Value and Down Payments
What is Underwriting in Real Estate?
Homeowner's Guide: DIY Home Improvement