Finance
A Mississippi homeowner receives a 'notice of default' from their lender. This notice indicates:
AThe loan is paid off
BThe borrower is in default on the mortgage and the lender is beginning the foreclosure process✓ Correct
CThe property taxes are delinquent
DThe homeowner's insurance has lapsed
Explanation
A notice of default is a formal notice from the lender that the borrower is in default (typically from missed payments) and is the first step in the foreclosure process. In Mississippi, which uses non-judicial foreclosure via deed of trust, the trustee initiates the process after the lender declares default.
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