![]() ![]() Lenders serve the notice as a formal warning to the borrower that they risk losing the mortgaged property if they do not settle the delinquent mortgage payments. When a borrower receives a notice of default, it does not mean that the lender has initiated the foreclosure process on the mortgaged property. A statement that if the default is not cured before the allowed duration, the lender will sell the mortgaged property at a public auction. ![]() The grace period within which the borrower is allowed to respond to the notice.Actions that the lender will take if the borrower does not comply. ![]()
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