Notice of Acceleration
[Date]
[Name and address of borrower]
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See section 14.5 in this chapter. |
Re: [describe note and loan documents]
[Salutation]
Because of the failure to cure the default under the referenced loan documents, the mortgagee has accelerated the maturity of the note.
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Select one of the following. |
Demand is made for the payment of all unpaid principal and all accrued but unpaid interest. Please contact [name] for the current payoff information.
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Or |
Demand is made for the payment of $[amount] principal and $[amount] accrued but unpaid interest through [date], together with additional interest at the rate of $[amount] per day until paid.
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Continue with the following. |
If the amount due is not paid, the mortgagee intends to foreclose the lien under the loan documents in accordance with the enclosed notice of sale.
[Include if applicable: The mortgagee demands that you pay to the mortgagee the proceeds of all accrued but unpaid rent as of the date you receive this letter and all rent that accrues after you receive this letter in accordance with the loan documents and the Texas Property Code. Payment of the proceeds should be made to [name of mortgagee and address for payments]. The tenant[s] will be instructed to pay all rents to the mortgagee until further notice, in accordance with [the deed of trust/[specify instrument]] and the Texas Property Code.]
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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