Right To Cure Letter For Car
Description
How to fill out South Carolina Notice Of Consumer's Right To Cure Default?
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FAQ
Usually, default includes the failure to make a payment on time or failing to keep insurance on a vehicle. If you don't make timely payments, the lender must send you a ?Notice of Right to Cure? before repossessing the property. After the lender sends the notice you have twenty (20) days to make the missed payment(s).
The right to cure letter, in simple terms, is a legal document that a mortgage lender sends to a borrower who has fallen behind on their payments. This letter serves as a formal notification and gives the borrower a specific period ? typically 30 to 120 days ? to resolve the default by paying the overdue amount.
The notice must tell you that you are in default and that you have 30 days to cure the default. The Right to Cure Notice says that if you do not get caught up on your payments, ?cure your default,? the bank can begin foreclosure proceedings to take your house.
Start the letter by identifying yourself and the property. The lender will need to identify your loan, so include an account number. Give them your name, address and contact information. Tell the lender that you are voluntarily giving the item back because you can no longer make the payments.
Lender Name: Lender Address: My vehicle [describe make/model/year] was repossessed from [address where vehicle was located] on [date] because I defaulted on the loan to buy the vehicle. I demand that you return to me all of the personal property in the vehicle immediately.