What is a notice of default in a foreclosure?

A notice of default is a formal document informing a homeowner that they are in default on their home loan and are at risk of foreclosure. In Oklahoma, the lender typically issues a Notice of Default when a borrower has not made a payment for ninety days or more. The Notice of Default must include certain information including the loan amount, the amount of payments which are past due, the amount of money necessary to bring the loan current, the name of the lender, and the name of the borrower. Additionally, the Notice of Default must be posted at the courthouse, mailed to the borrower, and published in the newspaper. If the borrower does not pay the overdue amount within a specified time period, the borrower can be subject to foreclosure proceedings. This notice gives the borrower the opportunity to either bring the loan current or arrange a different payment plan with the lender. If the borrower fails to take action, the lender may initiate a foreclosure on the property.

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What is a notice of default in a foreclosure?

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