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You are here: Home / Buyers / Key Term Tuesday: Notice of Default

Key Term Tuesday: Notice of Default

February 20, 2018 By Rebecca Jacks

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.

Notice of Default

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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Filed Under: Buyers Tagged With: Buyer Tips, First Time Home Buyers, Frequent Buyer Questions, Real Estate Key Terms, Seller Tips

About Rebecca Jacks

Rebecca has founded her success in real estate on a commitment to personalized service. Clients appreciate her dedication to not only the success of their transaction, but their very peace of mind. She is particularly adept at creating bridges to make home buying and relocation as seamless as possible.

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