Definition of Default:

Mortgage Default/Orange County:

This is where the borrower has fallen at least 1 month delinquent (60 days past due) behind on their mortgage payment and now is in danger of falling into foreclosure with their lender. The can issue a notice of default (NOD) at this to the borrower and it would immediately become a public record in Orange County, California. Before the lender forecloses on a home, they will most always try and work with the borrower to establish some type of alternative payment schedule, such as a payment modification or possibly even deferring mortgage payments and placing them on the back-end of the mortgage. It is normally in the lender’s best interest to avoid foreclosure if the borrower has the capacity to continue making payments.

 

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