What is a notice of default in a foreclosure?

A notice of default in a foreclosure is a formal document informing the homeowner that they have failed to fulfill their legal responsibility to pay their mortgage, and that the lender has the right to take legal action to reclaim the home. In the state of Wisconsin, when a homeowner begins to miss payments, the lender must provide the homeowner with a written notice of default. This notice must contain certain information, such as the amount of money that is owed, the date of the default, and a clear warning that the property may be taken if the balance is not paid in full. The notice of default must also explain to the homeowner the steps they can take to cure the default. This means that if the homeowner can prove that they are able to resume making their mortgage payments and they can provide a plan to get caught up on missed payments, the foreclosure proceedings can be stopped and the homeowner can keep their home. If the default is not cured, the foreclosure process will continue. This means that the lender may choose to pursue other legal actions in order to reclaim the home, such as a judicial foreclosure or a power of sale.

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What is a notice of default in a foreclosure?

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