Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
62% - Often

Notice of Default

Synonyms:deficiency, delinquency, destitution, disregard, failure to pay, inadequacy, indebtedness, insolvency, insufficient payment, lapsed, letter of neglect, notice of nonpayment, shortcoming
Acronyms &
Filed Under: financial-banking, legal-contracts, mortgages, real-estate
Tags: legal

Definition of notice of default (NOD)

notice of default (NOD)
1. A step in the foreclosure process in which the lender formally tells a court that the borrower is in arrears.

Related Terms and Acronyms:

  • contract   An agreement between two or more parties that can be enforced by law.
  • default   When a borrower fails to fulfill the obligations of a loan or lease.
  • delinquency   Failure to make mortgage payments when mortgage payments are due.
  • delinquent mortgage   A mortgage loan where the borrower fails to make payments as specified in the loan agreement.
  • forbearance   Delaying foreclosure, usually because the borrower has arranged to pay the amount in arrears.
  • foreclosure   The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.

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