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, are 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.
law dictionary, legal
dictionary, online law dictionary, legal terms dictionary,
online legal dictionary, legal definition, legal
terms and definition, Best online Dictionary, Law
Dictionary Software, Download Law Dictionary, law
dictionary, legal dictionary, online law dictionary,
legal terms dictionary, online legal dictionary,
legal definition, legal terms and definition, Best
online Dictionary, Law Dictionary Software, Download
Law Dictionary