A secured transaction involves a sale on credit or lending money where a creditor is unwilling to accept the promise of a debtor to pay an obligation without some sort of collateral. The creditor (the secured party) requires the debtor to secure the obligation with collateral so that if the debtor does not pay as promised, the creditor can take the collateral, sell it, and apply the proceeds against the unpaid obligation of the debtor. A security interest is an interest in personal property or fixtures that secures payment or performance of an obligation. Personal property is basically anything that is not real property.
A Wake North Carolina Notice of Default under Security Agreement in Purchase of Mobile Home is a legal document that outlines the default of payment or violation of terms and conditions in a purchase agreement related to a mobile home. This document serves as a formal notice by the lender or security holder to the borrower or purchaser, notifying them of their default and demanding remedial action to rectify the situation. In Wake County, North Carolina, there are two different types of Notice of Default under Security Agreement in purchase of mobile homes: 1. Judicial Notice of Default: This type of notice is filed with the court system and initiates a legal action against the borrower or purchaser who has defaulted on the security agreement. It involves legal proceedings to resolve the matter, potentially including foreclosure or repossession of the mobile home to recover the outstanding debt. 2. Non-Judicial Notice of Default: This type of notice is issued by the lender or security holder without involving the court system. It typically includes details about the default, the amount owed, and the steps required to cure the default. The borrower or purchaser is given a specific timeframe to meet the obligations before further legal action, such as foreclosure, is pursued. Keywords: Wake North Carolina, Notice of Default, Security Agreement, Purchase of Mobile Home, judicial, non-judicial, default, payment, violation, terms and conditions, court system, legal action, foreclosure, repossession, outstanding debt, lender, borrower, security holder.
