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Notice Of Default
A notice of default refers to the notification provided to the borrower declaring that he or she has not yet made their payments by the predetermined deadline . It states that if the debt owed and other fees , interests etc are not paid on the stipulated time , the lender may sell out borrowers property . This copy of notification will be sent to all those who will be affected by the foreclosure.
In simple words , it refer to a notice issued by the creditor when a financial agreement made between the creditor and debtor fails owing to the non adherence to the agreement by the debtor.
It is to inform the debtors that the creditors are planning to take the extreme step to recover the money owed by the debtors. It is a kind of formal announcement from the creditors so that the debtors will act immediately by seeing their notice .
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