Information about default notices typically includes the name and address of the borrower and lender, the legal address of the property, the type of default, and other relevant details. A notice of defect is often seen as the first step towards foreclosure. (g) All financial institutions prominently display notices informing borrowers of the provisions of this section. Notices shall be found in such a manner and place in institutions that borrowers are fully informed of the provisions of this section. A notice of default is usually filed with the state court where the lien is held, followed by a hearing to activate the advanced lien registered with the closing of the mortgage. In some cases, the borrower may have time to negotiate by possibly paying a debt late or proposing an agreement.