90 Days Mortgage Late ( NOTICE OF DEFAULT ) Know Your Options

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90 Days Mortgage Late ( NOTICE OF DEFAULT )  Know Your Options
Notice of Default

Sometimes, depending on state law, a nonjudicial foreclosure process begins when the trustee records a Notice of Default (NOD) at the county recorder's office.

The NOD serves as public notice that the borrower is in default. The NOD often contains:

  • the name and address of the borrowers
  • the name and address of the lender
  • the name and address of the trustee
  • the address and/or legal description of the mortgaged property
  • a description of the default
  • the action required to cure the default
  • the date by which the default must be cured, and
  • a statement that if the default is not cured by the deadline, the lender intends to sell the mortgaged property at a public sale.

If the borrower does not “cure” the default by bringing the payments up to date—including late charges and foreclosure fees—the trustee might (again, depending on state law) then prepare and file a Notice of Sale for the property.

Notice of sale

  • the property address and/or legal description
  • a statement that the property will be sold at a public auction, and
  • the date, time, and location of the foreclosure sale.
  • The NOS might be recorded in the county land records, mailed to the borrower, published in a newspaper of general circulation in the county where the home is located, as well as posted on the property and/or in a public place.

Differences from State to State

While you might get both a Notice of Default and a Notice of Sale as part of the nonjudicial foreclosure process where you live, foreclosure procedures and the documents you will receive do vary widely from state to state. You might get:

  • a Notice of Default followed by a Notice of Sale
  • a combined Notice of Default and Sale (or similar document)
  • a Notice of Sale stating that the property will be sold on a certain date, or
  • notice by publication in a newspaper and posting on the property or in a public place.

Your options:

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