What is a Notice of Default (NOD) or Complaint?

A Notice of Default (NOD) or Complaint is an official communication with the state that legally starts the foreclosure process. At this time, an investment enters into “Default” status. NODs are filed with the county or the court, respectively, based on whether the state has a non-judicial or judicial foreclosure process. The NOD is also recorded against the property. At this time, PeerStreet will generally provide investors with notifications every two to four weeks regarding the status of the loan and updates on the foreclosure process.