What is a notice of default in a foreclosure?

A Notice of Default in a foreclosure is a notification from a lender to a homeowner that the homeowner is behind in loan payments. It is usually sent to the homeowner after they have become delinquent on their mortgage payments. This Notice of Default also states that if the homeowner is unable to make the payments in full within a certain period of time, the lender has the right to begin legal proceedings regarding foreclosure. In Virginia, the Notice of Default must be sent to the homeowner in writing and must be mailed at least 15 days before any proceedings. After this notice has been sent, the lender then has the right to begin the foreclosure process with a court filing. The Notice of Default will usually include the amount of money owed from the last unpaid payments, the amount of money that must be paid in order to avoid foreclosure, and the date by which the full payment must be received. It is important that the homeowner takes action as soon as possible after receiving a Notice of Default in order to avoid the foreclosure process, as it can have long-lasting consequences.

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What is a notice of default in a foreclosure?

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