This form serves as a notice of default to the mortgagor for payments that are past due. The default notice states that while the property is in foreclosure, the mortgagor is still responsible for paying other obligations required by the note and the deed of trust. If the mortgagor fails to make future payments on the loan or other financial obligations, the beneficiary or the mortgagee may insist that he/she do so in order to reinstate the account into good standing. The form also emphasizes that the mortgagor could lose his/her rights in the property if prompt action is not taken.
Notice Of Default Form With Court
State:
California
Control #:
CA-02000
Format:
Word;
Rich Text
Instant download
Description
Free preview
How to fill out California Notice Of Default And Election To Sell Under Deed Of Trust?
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FAQ
Effects of Loan Default Your wages may be garnished and tax refunds withheld. You may be taken to court. The lender may foreclose on your home and take control of it. Your car may be repossessed and sold at auction, with any remaining debt still your responsibility.
A default notice should show the following information: Your name and address (as the borrower) and the name and address of the creditor who is issuing the default notice. The type of agreement and details of how the agreement was broken. The action you need to take to pay the arrears in full by a certain date.
Receiving a default notice is serious and can result in your creditor passing on your debt to a debt collection agency, or even starting legal proceedings against you to recover the debt.
What happens when you get a default notice? Your creditor will ask you to pay the full amount owed instead of instalments. You can ask to pay in affordable instalments, but your creditor may not agree.
If you receive a default notice you should: Pay the amount owed and your usual repayment within 30 days. Once you have caught up with repayments, you are no longer in default and the lender cannot start legal action against you.