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Full names of parties (borrower and lender) Repayment amount (principal and interest) Payment plan. Consequences of non-payment (default and collection) Notarization (if necessary) Other common details.
If two mortgage payments are missed, the bank or lender may issue the homeowner a so called Demand Letter.The Demand letter is a much more formal notice that if the loan is not paid and is brought current in a very short period of time, that the lender will proceed with filing the foreclosure at the local court.
No, a demand letter is not necessary prior to filing a superior court limited/unlimited jurisdiction lawsuit in California.
LETTER OF DEMAND BACKGROUND A demand generally amounts to a request for payment or a request to perform in terms of a legal obligation. A letter of demand is generally an initial step in the litigation process. In certain instances, a letter of demand is necessary to place the debtor in mora.
Involved parties information (the claimant and recipient's information) The date when the debt was incurred. If there is a dispute, the date when there was improper charging should be included.
Type your letter. Concisely review the main facts. Be polite. Write with your goal in mind. Ask for exactly what you want. Set a deadline. End the letter by stating you will promptly pursue legal remedies if the other party does not meet your demand. Make and keep copies.
Although an attorney often writes the demand letter, you can also do it yourself in several cases:If you have a fairly simple legal issue and you want to go through the process yourself, without an attorney. If you want to clarify your thoughts on what happened and what you want.
Full names of parties (borrower and lender) Repayment amount (principal and interest) Payment plan. Consequences of non-payment (default and collection) Notarization (if necessary) Other common details.