This form is a notice of a failure to make a required payment when due pursuant to a promissory note. The form also contains a warning to the breaching party that legal action will be taken unless the breach is remedied on or before a certain date. This form is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a notice in a particular jurisdiction.
A Wisconsin Notice of Default in Payment Due on Promissory Note is a legal document that is used when a borrower fails to make the required payment on a promissory note in the state of Wisconsin. This notice serves as a formal communication from the lender to the borrower, notifying them of their default and demanding immediate payment. In Wisconsin, there are two main types of Notice of Default in Payment Due on Promissory Note: 1. Non-Judicial Notice of Default: This type of notice is typically used when the promissory note includes a power of sale clause, which allows the lender to sell the property in the event of a default without going through a court foreclosure process. The non-judicial notice of default outlines the amount in default, the due date, and provides a grace period for the borrower to rectify the default before further actions are taken. 2. Judicial Notice of Default: If the promissory note does not contain a power of sale clause or the lender chooses to pursue a court foreclosure process, a judicial notice of default is filed. This notice initiates a foreclosure lawsuit against the borrower, and the court will decide on the appropriate actions to be taken to resolve the default. It is important to note that the specific contents of a Wisconsin Notice of Default in Payment Due on Promissory Note may vary, but generally, it includes the following key information: 1. Identification of the lender and borrower: The notice should clearly identify both parties involved in the promissory note. 2. Description of the promissory note: This should include details such as the date of creation, the principal amount, the interest rate, and the repayment terms. 3. Statement of default: The notice must explicitly state that the borrower is in default on their payment obligations, indicating the specific missed payment(s) and the outstanding balance. 4. Demand for payment: The lender should include a demand for immediate payment of the outstanding balance, including any accrued interest or fees. 5. Grace period: If applicable, the notice should provide a grace period during which the borrower may cure the default by making the overdue payment(s) before further legal actions are taken. 6. Consequences of continued default: The notice may include a statement highlighting the consequences of failing to cure the default, such as the initiation of foreclosure proceedings or legal action. 7. Contact information: The lender's contact information should be provided, allowing the borrower to communicate and arrange payment or seek further clarification. In summary, a Wisconsin Notice of Default in Payment Due on Promissory Note is a legal document used to notify a borrower of their default on a promissory note and demand immediate payment. The notice can be non-judicial or judicial, depending on the specific circumstances, and typically contains essential information such as the parties involved, description of the promissory note, statement of default, demand for payment, grace period, consequences of continued default, and contact information.
