What is a notice of default in a foreclosure?

A notice of default is a legal document sent to a homeowner in Hawaii who has fallen behind on their mortgage payments. When a homeowner does not make their payments, their mortgage lender may send them a notice of default. This document states that the homeowner has failed to pay and must now pay the overdue amount, plus any other costs incurred by the lender. It also informs them that the lender will start the process to foreclose on the property if they continue to fail to make payments. A notice of default is the first step in the foreclosure process in Hawaii. It gives the homeowner a chance to work out a payment plan with their lender or to make a one-time payment to pay off the overdue amount and avoid foreclosure. If no payment or arrangements are made, the lender will proceed to the next step in the foreclosure process, which could result in the homeowner losing their home.

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What is a notice of default in a foreclosure?

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