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 by Tony | More in Credit Repair |
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