Function

• For a party to receive a request for notice of default, he must give his address to the originator of the loan, according to the TD Service Company Foreclosure Dictionary.
  
  

Benefits

• A request for notice of default is important because it allows the interested parties, such as other lenders and the home owner's association, forewarning that their stake in the loan is at risk.
  
  

Effects

• When the interested parties receive a notice of default, it means the borrower must immediately remit payment and other costs, such as filing fees, or the prime lender may take legal action, usually a foreclosure.