Notice To Default
Description
How to fill out California Letter From Landlord To Tenant As Notice Of Default On Commercial Lease?
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FAQ
You are hereby notified that you have defaulted to pay the instalment amount of $_____________ due on _____________________________. I hereby make demand on you for full payment of the entire balance due on said note, including interest accrued till date.
This is a legal document that states the following: The date of the notice. The names of the lender and borrower. The date of the promissory note itself. The full amount of the promissory note (that is, the total amount that was borrowed) The number of installment payments that have been missed.
While laws may vary from states to states, such a notice usually must include the owner's claim showing the sums due at the time of the notice and the date when the sums became due and that the occupant's right to use the storage space will be denied unless and until all sums due are paid by the occupant.
A declaration must be attached to the notice stating the lender has spoken to you or tried to reach you to discuss your situation. You have 90 days from the date the Notice of Default is recorded to pay what you owe to the lender. If you pay the amount on the Notice of Default, the lender cannot sell your home.
