Notice Of Default
Lenders have different procedures and timeframes for filing the notice of default. Some are more forgiving and more willing to work with borrowers and may take longer to file the notice, while other lenders will file the notice as soon as they may legally do so. Having a notice of default filed against you can go on your credit report and adversely impact your credit score, making it difficult to refinance your mortgage and to obtain other types of credit.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
notice of default — A statement, usually written, from one party to a contract to another, advising the recipient that he or she has failed to live up to a term or condition of the contract. Although defaults are most common in real estate, they can happen in any… … Law dictionary
Notice of default — A notice of default is a notification given to a borrower stating that he or she has not made their payments by the predetermined deadline. It dictates that if the money owed (plus an additional legal fee) is not paid in a given time, the lender… … Wikipedia
notice of default — Fin a formal document issued by a lender to a borrower who is in default. U.K. term default notice … The ultimate business dictionary
default — de·fault /di fȯlt, dē ˌfȯlt/ n [Anglo French defalte defaute lack, fault, failure to answer a summons, from defaillir to be lacking, fail, from de , intensive prefix + faillir to fail] 1: failure to do something required by duty (as under a… … Law dictionary
default notice — (U.K.) Fin = notice of default … The ultimate business dictionary
default notice — Under regulations under the Consumer Credit Act 1974, where a debtor or hirer defaults under a regulated credit or hire agreement, the trader must send to the customer a default notice giving the customer at least seven days notice before taking… … Law dictionary
notice to quit — n. Notice given by a tenant informing the landlord that the tenant intends to move out; also, notice given by a landlord informing the tenant that he or she must move out. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks … Law dictionary
notice — no·tice 1 n 1 a: a notification or communication of a fact, claim, demand, or proceeding see also process, service ◇ The requirements of when, how, and what notice must be given to a person are often prescribed by a statute, rule, or contract. b … Law dictionary
Default judgment — Civil procedure in the United States Federal Rules of Civil Procedure Doctrines of civil procedure Jurisdiction Subject matter jurisdiction Diversity jurisdiction Personal jurisdiction Removal jurisdiction Venue Change of venue … Wikipedia
Default notice — All credit applications (e.g., personal loans, credit cards or store cards) opened in the United Kingdom are regulated by the Consumer Credit Act 2006. This piece of legislation requires that creditors must issue a default notice to any customer… … Wikipedia