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Notice of Default (N.O.D.)
A Notice of Default (N.O.D.) is a public notice recorded at the county courthouse that declares that a homeowner has missed scheduled loan payments secured by a piece of real estate. When a homeowner N.O.D. it means that the lender has contacted an attorney and the foreclosure process has begun. The N.O.D. informs the homeowner that a default on his or her loan has occurred and that legal action will likely be taken. It also indicates that an auction date has been set when his or her home will go to auction to the highest bidder if all back payments are not paid including interest and fees.
Some states require lenders to record a N.O.D. before a foreclosure process may begin.
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