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A notice of default is a formal notice that begins the foreclosure process. A mortgage lender or servicer can file this notice when a borrower is more than 120 days behind on paying their mortgage.
The default judgment is the relief requested in the party's original petition. [1] Default can be compared to a forfeit victory in sports. In a civil trial involving damages, a default judgment will enter the amount of damages pleaded in the original complaint. If proof of damages is required, the court may schedule another hearing on that issue.
Proof of default is not needed and issuers are not concerned with the underlying contract nor can they raise any defence available to the underlying contracting party. [ 2 ] In the United States and Canada , demand guarantees are seldom issued with most money center banks preferring to issue a standby letter of credit (SBLC) instead, primarily ...
In law, a default is the failure to do something required by law or to comply with a contractual obligation. Legal obligations can arise when a response or appearance is required in legal proceedings, after taking out a loan , or as agreed in a contract ; failure to carry them out puts one in defaults of the obligations.
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For example, a contract may state that the recording of a lien against certain property is a default. If the default is left uncured after notice and the passage of time, it may ripen into an event of default, which creates in the non-defaulting party certain rights, such as acceleration of a debt or the right to exit a contract.
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