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A notice of default is a notification given to a borrower stating that he or she has not made their payments by the predetermined deadline. It dictates that if the money owed (plus an additional legal fee) is not paid in a given time, the lender may choose to foreclose the borrower's property. Any other people whom may be affected by the foreclosure may also receive a copy of the notification.
The Notice of Default must also be recorded with the County Recorder of the county in which the property is located.
The following is a sample of a typical Notice of Default (or Notice of Breach).
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Sent by registered mail, return receipt requested.
NOTICE OF DEFAULT
Date: [insert date here].
To:
[insert name of property owner of record here].
[insert last known address of record here].
[insert City, State & Zip of record here].
Re:
Assessor's Parcel Number: [insert Assessor's Parcel Number of the property here]
[insert Street Address of the property here]
[insert City, State & Zip Code of the property here]
GREETINGS - Please be advised that the undersigned is the holder of a certain promissory note in the amount of [insert amount of original loan here], made by you and recorded on [insert date that PromissoryNote or Deed of Trust or was recorded here], as instrument number [insert recorder's Instrument Number here], of the official records of Clark County, Nevada,
You are hereby notified that you have defaulted under said note because you have failed to pay the installment due on [insert first date borrower failed to make payment here], in the amount of [insert amount of payment that was not made here].
Therefore, demand is hereby made upon you for full payment of the entire balance due on said note in the amount of [insert total dollar amount due here], including interest accrued to date.
If the entire amount due is not received on or before [insert date of this letter plus 4 weeks here] further legal proceedings, including foreclosure, will be commenced against you.
Attention to the note, which obligates you to pay in addition to the principal balance and interest, costs of collection, including attorney's fees.
Your prompt attention to the foregoing is anticipated.
Very truly yours,
[insert your name or name of lien holder here]
[insert your address or address of lien holder here]
[insert your City, State, Zip or City, State, Zip of lien holder here]
[insert your telephone number (optional) here]
This information is not intended to provide legal advice or substitute for the advice of counsel.
As the law is subject to change and due to differing interpretations, the reader should contact an attorney directly for legal advice.