Notice Default Intent With Proceed With Loan Application

State:
Multi-State
Control #:
US-02072BG
Format:
Word; 
Rich Text
Instant download

Description

The Notice of Default and Election to Sell is a crucial legal form used to notify parties about a default on a mortgage or deed of trust. It serves the intent to initiate foreclosure proceedings, effectively allowing lenders to proceed with the loan application process related to the claim. This form outlines essential details such as the parties involved, the specifics of the property, and the breach of obligation that necessitates the action. Users must fill in information accurately regarding the trustor, mortgagee, and details of the mortgage or deed of trust, including dates and property descriptions. The document is tailored for attorneys, partners, owners, associates, paralegals, and legal assistants who work in real estate, lending, or foreclosure fields. It provides a clear, structured template that guides users through the legal notification process while ensuring compliance with relevant laws. Proper completion and distribution of this notice are important to protect the rights of all parties involved. The form also serves as evidence of intent to proceed with foreclosure, making it a key instrument for legal professionals dealing with loan defaults.
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How to fill out Notice Of Default And Election To Sell - Intent To Foreclose?

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FAQ

Notice of Intent to Proceed with Loan Application (NIPLA) is a letter signed by the loan applicants to inform the lender of their intention to proceed with the loan application and their acceptance of the terms and fees listed in the Good Faith Estimate (GFE).

It might help to know that the Intent to Proceed isn't a binding document. You can switch lenders anytime. In fact, none of the loan disclosures or the mortgage documents you sign are binding until you get to the closing.

If you can't go to the lender's office and express your intention to proceed in person, you can communicate it over the phone, through email, or by submitting a signed pre-printed form. For recordkeeping purposes, the lender must document your intention to proceed to officially move forward with your application.

Federal law gives borrowers what is known as the "right of rescission." This means that borrowers after signing the closing papers for a home equity loan or refinance have three days to back out of that deal.

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Notice Default Intent With Proceed With Loan Application