We understand how frustrating it can be to search for a home in Austin. Half the battle is learning the key terms and what they mean in regards to Texas real estate. So each week we bring you Key Term Tuesday – our way of helping you decode the industry jargon that keeps you from owning your home search.
What is a Notice of Default?
Notice of Default (aka NOD) refers to a legal document recorded with the County Recorder’s Office that states that the borrower has defaulted on the terms of their loan. Usually, this means that the borrower has not been paying their mortgage, but it could also be non-payment of property taxes or hazard insurance.
The recording of a Notice of Default is the first step to set in motion a foreclosure sale, so they should be taken very seriously. If you receive one, legal advice should be sought immediately as time is of the essence.
Notices of Default rarely, if ever, materialize out of thin air. Lenders will use every means to inform the borrower of the default and try to cure it.
Looking for a Real Estate Expert?
Our team has a combined 55+ years of experience helping home buyers understand the r. Check out our approach to Buying a Home in Austin to learn more about our team and how we work. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.
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