Real Estate Glossary

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Definitions of Notice of Default

  • Notice of Default is a written and recorded notification to a borrower that they have not made the required payments on their loan. The notification tells the borrower that they must pay the moneys owed plus fees within a certain time frame or else the property will be sold in a Trustee sale. Generally the home owner has 3 months after a Notice of Default before a sale date is set.

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Related Terms

Loan
Trustee