Foreclosure
Law Definitions
Notice
of Default (N.O.D.)
A
Notice of Default (N.O.D.) is a public notice recorded at
the county courthouse that declares that a homeowner has
missed scheduled loan payments secured by a piece of real
estate. When a homeowner N.O.D. it means that the
lender has contacted an attorney and the foreclosure
process has begun. The N.O.D. informs the homeowner
that a default on his or her loan has occurred and that
legal action will likely be taken. It also indicates
that an auction date has been set when his or her home
will go to auction to the highest bidder if all back
payments are not paid including interest and fees.
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