Notice of Strict Foreclosure
[Date]
[Name and address of borrower]
Re: [describe property, note, and loan documents]
[Salutation]
This letter is to give you notice that [name of lender], the lender, proposes to accept the Property described above in [full/partial] satisfaction of the obligations under the note and security agreement, as provided in sections 9.620 through 9.622 of the Texas Business and Commerce Code. This proposal is [unconditional/subject only to the condition that any property not in the possession of the lender be preserved and maintained].
If the lender receives within twenty-one days from the date of this letter your written objection to this proposal, the lender will dispose of the Property at either a public or a private disposition or will undertake to collect from or enforce an obligation of any person obligated on the Property, as allowed by law.
|
Include the following if applicable. |
A copy of this letter has been sent to the secured party[ies], lienholder[s], or other persons below, as required by law.
|
Continue with the following. |
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
[c: [name[s] of secured party[ies] and other persons required by Tex. Bus. & Com. Code §§ 9.620–.621]]