Notice Of Default

Default was yours, not mine.

Or...how about default is the San Andreas in California—sure to have a quake there soon.

But no, the real term is actually worse. In fact, there exists a whole legal process when loans aren’t paid. And this notion makes sense, right? Like…let’s say a vicious neighbor is raiding your mailbox of every notice you get from Bank of America’s mortgage department that your mortgage is late and due and payable and you must pay or else…but you don’t realize that your auto-pay thing isn’t working. So you don’t realize how bad things are.

Then, one day, the sheriff shows up and evicts you, your husband, your kids. And the dog.

So you have to have all kinds of notice when there’s a situation where you may be defaulting on a loan. You may still default, but it won’t be like the newspapers love to report, where the evil bank is kicking out the poor innocent homeowners (who didn’t pay back the money they’d promised to pay back).