notice of default


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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)

References in periodicals archive ?
By clearly labeling your demand letter as a "Notice of Default" or "Demand for Payment," someone may be inspired to take a closer look and follow up.
Nova filed a written protest against the city's notice of default and filed a claim for damages on Sept.
Despite the plaintiff's contentions to the contrary, Smith found the relevant provision of the mortgage contract "plainly does not require" the defendants to send the plaintiff a separate notice of acceleration in addition to the notice of default that he received on Aug.
He said the SBMA issued a final notice of default to TMTSJI on March 23 this year, urging the same to cure its contractual defaults within 30 days.
UDX swiftly exercised its new rights to provide notice of default and demand payment.
(PSALM) has issued a notice of default to the power unit of the Gotianun-led Filinvest Group in relation to its independent power producer administrator (IPPA) contract.
First Tennessee Bank, through the Mickel Law Firm of Little Rock, filed a notice of default against the Schaeffers in an attempt to foreclose on the Schaeffers' home on Dorchester Drive in Fayetteville.
On March 22, 2016, ET provided Cross River Initiatives LLC with a notice of default on the binding letter agreement dated February 17, 2016 between the Buyer and the company concerning the proposed purchase of ValidSoft and governing certain important matters relating to the interim financing of ValidSoft's business and operations.
CENTRAL Bank of India has issued a public notice of default against Unitech as the real estate developer has defaulted on payment of a loan instalment to the tune of ` 38.53 crore.
With the deal being discusses, iHeart would stop further asset sales and not talk to other creditors about debt deals while its creditors agree not to file a notice of default alleging the Broader Media move wasn't allowed, reported Bloomberg.
Maghbouleh claims the Shockleys owe him $251,433, including $225,000 in unpaid principal, $13,205 in accrued and unpaid interest, which continues to accrue at $69 a day, as well as attorney's fees and other charges, according to a "notice of default and election to sell" filed with Lane County Deeds and Records.
"We believe bondholders should immediately take the prudent precaution of giving formal notice of default," Aurelius managing director Eleanor Chan wrote.

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