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notice of default

   Also found in: Financial, Acronyms, Wikipedia 0.02 sec.

notice of default n. a notice to a borrower with property as security under a mortgage or deed of trust that he/she is delinquent in payments. If the delinquency (money owed and late), plus costs of preparing the legal papers for the default, is not paid within a certain time, foreclosure proceedings may be commenced. Other people with funds secured by the same property are usually entitled to receive copies of the notice of default. (See: notice)



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? Mentioned in ? References in periodicals archive
 
A notice of default is the fist step in the foreclosure process.
The company last week announced it received a notice of default from U.
The notice of default was caused when a $247,00 check sent to Sentinel for a June 1 bond payment was returned for insufficient funds.
 
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