NOD (Notice of Default)

Intermediate 🏠 Real Estate

Definition

A formal notice that a borrower has failed to make mortgage payments and is in breach—basically the bank's official 'we're really upset' letter. The beginning of the foreclosure process.

Example Usage

After missing three payments, we received a Notice of Default from the lender.

Origin

Standard legal notice terminology in mortgage law

Fun Fact

Once you receive an NOD, you typically have 30-120 days (depending on state) to cure the default before foreclosure proceeds

Source: Mortgage law and foreclosure statutes

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