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What does cure mean in mortgage?

If you are behind in mortgage payments you are in default. If you pay the bank all the payments you missed, you can cure the default. The bank must send you a notice that says you have the right to pay the money you owe.

What happens under the strict foreclosure process?

In strict foreclosure proceedings, the lender files a lawsuit on the homeowner that has defaulted. If the borrower cannot pay the mortgage within a specific timeline ordered by the court, the property goes directly back to the mortgage holder.

What does cure mean in real estate?

To remedy a default by paying overdue money. or by fulfilling other obligations.

What does cure a default mean?

A default is a failure to comply with a provision in the lease. Curing or remedying the default means correcting the failure or omission. A common example is a failure to pay the rent on time.

What does notice of default and right to cure mean?

The legal right to cure is a principle founded in contract law that allows one party in a contract, who has defaulted under a contract provision, to remedy their default by taking steps to ensure compliance or otherwise, cure the default.

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