Notice of Default-
Hey guys, Today we are going to talk about the notice of default but before we dive in, let's unpack!
In NC, when you buy a home secured by a mortgage that means your lender is the beneficiary on your deed of trust. If you don't pay your payments as promised the lender will reach out to the trustee. The trustee is an attorney/middle man per se. This trustee initiates the process of the foreclosure and the homeowner is issued the notice of default from the lender.
The notice of default will lay out what's due and daily interest charges accruing.
This is the lenders' way of providing you "at a glance" what's owed to help you make an informed decision. It is also the first step in the foreclosure process and must be done 30 days prior to step two which is the notice of hearing.
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