notice of default

notice of default definition - business

notice of default

A formal notice sent by a lender to a borrower who is in default of the terms of a loan. The filing of a notice of default is the initial step in the process of foreclosure.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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