Notice of default
Q: What is notice of default?
A: Notice of default is the beginning of foreclosure process. If homeowner becomes delinquent on his mortgage payments for 3 consecutive months, lender will send him the Notice of Default, or NOD. The NOD is recorded by a County Recorder and the fact that mortgage is in default becomes public information.
If you received such a notice, you have several days - how many exactly, depends which state you live in, to reinstate your mortgage or bring it up to date and elude foreclosure. You will have to satisfy costs of preparing all legal papers for the default as well.
Tue Jan 31, 2006 10:01AM | Copyright: www.bad-credit-advisor.com | More in Credit Repair Tips |
Recent Entries
- Capital One Secured Credit Card to Improve Credit Score - Review
- How to get approved for mortgage - loan approval help
- Spouse average FICO credit score is higher?
- Why average credit score?
- Getting mortgage after bankruptcy - go FHA
- Debt settlement and how it affects credit score
- Debt settlement with Citibank
- Can I settle with credit card company with no late payments?
- Credit card limit lowered, credit score goes down
- Gold price will rise in 2011
