Contracts
What is a 'notice of default' in Idaho deed of trust foreclosure?
AThe borrower's notice that they cannot pay
BThe formal notice recorded by the trustee or beneficiary that the borrower has defaulted and foreclosure proceedings have begun✓ Correct
CA court order to pay
DA notice to the title company
Explanation
A notice of default (NOD) is the formal recorded document that initiates non-judicial foreclosure proceedings in Idaho under a deed of trust. After recording, the clock begins on the mandatory notice and waiting period before the trustee's sale.
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Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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