What is an NOD?
NOD is a Notice of Default. This is the first legal notification from a lender that the borrower on a mortgage loan has defaulted under the terms of their mortgage and the lender intends to foreclose unless the loan is brought current. The Notice of Default is filed in the public records against the house.
Once the Notice of Default is filed, the homeowner is " on the clock" to bring the loan current. The time the borrower has to bring the loan current depends on the state where the property is located but can be as quick as a couple weeks before the home is sold in a foreclosure sale. The time frame will depend on whether the property is located in a Mortgage or Deed of Trust state. The foreclosure process in a Deed of Trust state is much quicker because there is not a requirement for a judge to be involved.