notice of default
Notice of default is a formal written statement from one party to a contract informing the other that it has failed to perform required obligations. It warns that remedies under law or under the contract may follow if the default is not cured.
In the landlord-tenant context, landlords may send a notice of default to tenants who fail to pay rent or other charges. State laws often require the notice to specify the amount due, the date payment became overdue, and the consequence of continued default, such as eviction. The notice generally must also provide the landlord’s contact information.
In the mortgage foreclosure context, a lender issues a notice of default when a borrower misses required loan payments. The notice, often recorded in the public record, identifies the borrower and the loan, states the amount of default, and signals the lender’s intent to accelerate the loan or begin foreclosure if the borrower does not cure the default.
[Last reviewed in September of 2025 by the Wex Definitions Team]
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