The parent company of Fremont Investment & Loan announced Tuesday it had received default notices from two investors who purchased $3.15 billion in home loans in March of last year.

The declarations of default were triggered when the bank’s net worth sunk below $250 million, the minimum required by the sales contract.

With lawsuits looming, the future of the troubled lender now depends on the willingness of creditors to waive the requirement for minimum net worth. The bank is not expected to meet the requirement when it files its delayed financial statements for the fourth quarter of 2007.

Fremont General is a financial services company with $8.8 billion in total assets as of the end of the third quarter 2007. It operates primarily through its wholly owned subsidiary, Fremont Investment & Loan.

Last year Fremont was forced to abandon its mortgage sales after regulators determined the bank lacked sufficient oversight of its operations, prompting the company to begin selling its mortgage assets.

The company moved from Santa Monica to Orange County in February.