Notice of Default
Most times missed payments are not intentional. It may be due to a financial setback as a result of dropped or even loss of income, the unforeseen event of an illness, or just the challenges of life striking you. All this is inevitable. Therefore, it is essential to inform your creditor of an arisen situation that may deter you from making your payments on time and prevent getting a Notice of Default.
Consequently, you might be able to arrive at a consensus on how to handle the situation. If not, your creditor may proceed to take legal action to either force you to make payments or recover the property in a case of a mortgage. READ MORE HERE
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References: Notice of default, default notice
