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.
Keywords: Wyoming, Notice of Default, Payment Due, Promissory Note A Wyoming Notice of Default in Payment Due on Promissory Note is a legal document that serves as a formal notification to a borrower who has failed to make their scheduled payments on a promissory note. This notice is typically sent by the lender or the loan service and is a crucial step in the foreclosure process. There are several types of Wyoming Notice of Default in Payment Due on Promissory Note that can be issued depending on the specific circumstances: 1. Initial Notice of Default: This is the first notice sent to the borrower when they miss their payment. It informs them of their delinquency and the amount due. It includes details such as the borrower's name, the lender's information, the loan amount, the date of missed payment, and the consequences if the payment is not made promptly. 2. Notice of Intent to Accelerate: If the borrower does not cure their default within a specified timeframe after the initial notice, the lender may issue a Notice of Intent to Accelerate. This notice declares the lender's intention to accelerate the loan, making the entire balance due. It provides the borrower with a final opportunity to bring the loan current before further legal actions are taken. 3. Notice of Foreclosure Sale: If the borrower fails to cure the default and bring the loan current after the Notice of Intent to Accelerate, the lender may proceed with proper foreclosure proceedings. In such cases, a Notice of Foreclosure Sale is issued, informing the borrower about the date, time, and location of the foreclosure sale. This notice is typically published in local newspapers and serves as a public announcement of the pending foreclosure. 4. Notice of Redemption Period: In some cases, Wyoming law provides the borrower with a redemption period, which allows them to reclaim their property after the foreclosure sale by paying the outstanding debt in full. The Notice of Redemption Period informs the borrower about the duration of this period and any additional requirements they need to fulfill to exercise their right to redemption. 5. Notice of Disposition of Surplus Funds: If the foreclosure sale generates proceeds that exceed the outstanding debt, a Notice of Disposition of Surplus Funds is issued. This notice informs the borrower or any other parties with an interest in the property about the availability of surplus funds and provides instructions on how to claim them. It is important to note that these notices must comply with Wyoming state laws and regulations and should be prepared and served by individuals or entities with proper legal authority. The specific language and contents of these notices may vary depending on the individual circumstances of the case and the terms outlined in the promissory note.
