Darwin borrows $200,000 from Evermore Bank to buy a home.Less than six months into the term,Darwin stops making payments on the loan.To initiate the process to repossess and auction off the property securing the loan,Evermore must

Question

Quizplus · Accepted Answer

Evermore must record a notice of default with the appropriate county office to initiate the process of repossessing and auctioning off the property securing the loan. This is a legal step taken by the lender to let the borrower know that they are in default on their loan and that the lender is taking steps to foreclose on the property. Once the notice of default is recorded, the borrower has a certain amount of time to bring their payments up to date or face foreclosure proceedings.

Darwin Borrows $200,000 from Evermore Bank to Buy a Home