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 ?
PSALM issued the notice of default to FDC Misamis Power Corp.
The Tanco group knows that the Benitez family is contesting this notice of default.
Before recording a notice of default, a servicer, lender, trustee, beneficiary or authorized agent must:
Transportation Department spokesman Richard Litte said Saturday night that, "The only comment from YRC/ Granite that ODOT is interested in is the formal response to the notice of default.
The notice of default, issued by Inmarsat on 20 February 2012, starts a 60-day period during which LightSquared can remedy the payment before Inmarsat is entitled to take further action, such as pre-agreed spectrum arrangements and termination of certain LightSquared rights under the cooperation agreement.
As a result Inmarsat has issued a notice of default to LightSquared in accordance with the terms of the agreement.
A notice of default is the fist step in the foreclosure process.
The court, in denying commercial tenant's motion to dismiss a summary non-payment proceeding, held that an oral demand for rent was consistent with both the applicable statute and the lease, in that the lease did not require written notice of default to the tenant); and 36-59 Main Street Associates v.
a company organized under the laws of the British Virgin Islands ("Newco"), has failed to repay a $3 million loan and accrued interest and fees that were due July 10, 2008 and that on July 22, 2008 JMG issued a formal notice of default.
notice of default, Contractor shall have ten (10) days after receipt of notice to cure or take reasonable
On primary mortgages, homeowners were a median of five months behind on their payments when the notice of default arrived.
The conditional limitation provisions of the proprietary lease which entitles a cooperative to terminate a lease after notice of default are unenforceable, since they cannot be reconciled with the shareholder's right to plead his claim for breach of the warranty of habitability and to allow the shareholder the right to cure his default after a judgment is rendered against him.

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