Notice of Advancement and Demand for Payment
[Date]
[Name and address of borrower]
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See section 14.5 in this chapter. |
Re: [describe note and loan documents]
[Salutation]
This letter is to give you notice of default under the referenced loan documents. This default consists of your failure to pay the loan that you assumed and agreed to pay. The mortgagee has paid $[amount] to [name of mortgage company].
Demand is made for the immediate payment of $[amount], with interest as allowed by the deed of trust. Unless the default is cured by [date], the mortgagee intends to foreclose its lien under the loan documents.
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Include clause 14-7-1 if this is the first correspondence from the attorney to a debtor who is a consumer. See section 14.4:5. |
If you have any questions, please consult your legal counsel.
Sincerely yours,
[Name of attorney]
Certified Mail No. [number]
Return Receipt Requested
c: [name of borrower], by first-class mail