Notice of Default

Definition

A formal notice to a borrower declaring that a default has occurred and that legal action may be taken.

Use Notice of Default in a sentence

I just recieved a notice of default on my home loan because I have not paid in almost six months.

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I got a notice of default in the mail and was hoping that everything would be okay for me in the future.

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John Smith discovered that his identity had been stolen when he received a notice of default from his bank because his mortgage check didn't clear.

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notice of completion notice of deficiency