This letter informs a franchisee that he/she is in default of a franchise agreement and failure to take timely action to cure each of the defaults listed in the letter will result in the franchisor taking remedial actions as granted in the agreement.
Pennsylvania Form Letters - Notice of Default
State:
Multi-State
Control #:
US-7-02-1-STP
Format:
Word;
Rich Text
Instant download
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How to fill out Form Letters - Notice Of Default?
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FAQ
Code § 237.5 - Form of Notice of Praecipe to Enter Judgment by Default. YOU ARE IN DEFAULT BECAUSE YOU HAVE FAILED TO ENTER A WRITTEN APPEARANCE PERSONALLY OR BY ATTORNEY AND FILE IN WRITING WITH THE COURT YOUR DEFENSES OR OBJECTIONS TO THE CLAIMS SET FORTH AGAINST YOU.
YOU ARE IN DEFAULT BECAUSE YOU HAVE FAILED TO FILE A COMPLAINT IN THIS CASE. UNLESS YOU ACT WITHIN TEN (10) DAYS FROM THE DATE OF THIS NOTICE, A JUDGMENT MAY BE ENTERED AGAINST YOU WITHOUT A HEARING AND YOU MAY LOSE YOUR RIGHT TO SUE THE DEFENDANT AND THEREBY LOSE PROPERTY OR OTHER IMPORTANT RIGHTS.
(a) The Board, on motion of the plaintiff, may enter default judgment against the defendant for failure to file within the required time an answer to a complaint that contains a notice to defend.
Before the notice of default can be filed, the lender must give you at least 10 days' notice and another 30 days' notice before the foreclosure sale can take place by the sheriff. The sheriff will notify you by delivering a copy of the notice directly and by putting a handbill on the property itself.
Notice of intent to foreclose letters are relatively standard documents. The letter you receive from the lender will name you, the property owner, and explain that you are in serious default on your loan. The document will also explain that you have 30 days to cure your mortgage.
Once foreclosure proceedings have begun, you have a few options: Catching up on payments, known as bringing your mortgage into good standing. Get a new mortgage to pay off the existing mortgage. Selling your home.
This is basically a document telling you that the lender will foreclose on your property if you do not take action to stop it. Ignoring it will only lead to further legal trouble, and it could prevent you from being able to negotiate with the lender to find a solution that allows you to keep your home.
Yes. Generally, under Pennsylvania law, if you can catch up on the mortgage payments before the foreclosure sale actually occurs, the foreclosure has to stop. To stop the sale, you will also have to pay court costs and the lender's reasonable attorney's fees, however.
