Notice of default

{
  "id": "MLC-T-LAW-003476",
  "term": "Notice of default",
  "field": "Law",
  "definition": "A formal written declaration sent by a lender to a borrower indicating that the borrower has failed to meet the terms of a loan agreement, such as missing payments. This notice typically precedes further legal action, such as foreclosure, and provides the borrower with a period to cure the default. It is a legally required step in many mortgage contracts.",
  "url": "https://mlchart.com/terminology/law/notice-of-default/"
}