notice of default


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notice of default

A written notice sometimes required by state law or sometimes required within particular leases,promissory notes,or other contracts,advising the defaulting party of the existence of the default and a time period within which to cure it.Most documents require no notice of monetary default, although the better practice is to require it just in case checks are lost or misplaced. Notices of nonmonetary default would include matters such as failure to maintain insurance, subleasing space without the landlord's approval, or any number of other things prohibited under the parties'agreements.

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If the borrower has completed an application for a loan modification, the servicer cannot record a notice of default or sale, or conduct a trustee's sale while the application is pending.

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