1 Fill in all of the data below to customize the document to your specific requirements.
2 Click "Create my Agreement" to view your document. You can go back and edit at any time.
3 Finalize your document, and then continue to download it in RTF, PDF or HTML Format directly to your computer.
This Notice Of Default form was initially set up for landlords to notify their tenants that they had defaulted on a payment, however we have modified it to make it generic. It can still apply to tenants and landlords, however it can also apply to any other form of payment contract that has been broken between multiple parties.
A notice of default is a notice which will be given to a party or multiple parties who have defaulted on a payment.
This could be a tenant who has missed a rent payment, or someone who has borrowed money from you or your company on a payment plan or with a payment due date, and they have missed that amount.
It’s intended to be used in reference to an actual written agreement and that is how our Notice of Default is set up. If there is no current written agreement and it was verbal or via another forms of communication, you can still use our form. You just need to download it in RTF or DOC format and edit out the part about the Title of the Agreement, after leaving that section blank when creating the form.
Our Notice of Default is set up generically meaning anyone can use it and it’s not restricted to landlords however landlords can use it too.
Our form is set up with the most basic information required from a notice of default. You generally don’t need to add anything else however perhaps you would like to offer additional solutions for payment or specify penalties within the agreement.
If that’s the case, above where it says “Anything else you wish to add to this notice” you would simply click that and then there is a big text box that opens. You would then add in anything else you wish to add to the notice there.
We also offer the option to do proof of service on the notice which can be important as you may want proof that the notice was delivered.
Our form is available to download in various formats which you can then print. RTF, Doc, PDF and even HTML. This way you can open it in Microsoft Word or any Word Processing Software, as well as any web browser.
The notice of default is a serious action undertaken by the lender. All notices of default must contain relevant information pertaining to the borrower, lender, and the property. It will notify the borrower that their delinquent payments have breached the limit that was listed in their loan contract. A lender will outline the number of delinquent payments that are allowed in the contract before action will be taken. The notice of default is the notice that is given to let the borrower know that the action is being taken. Typically, contracts allow up to 180 days of missed payments and delinquencies before a notice of default is sent.
The notice of default form is the final action that lenders will take before activating a lien and seizing the collateral as means of foreclosure. This form will be filed with the state court in which the lien is put on record and then a hearing to activate the perfected lien. There will be some cases in which the borrower will be given time to negotiate and possibly paying off their delinquent debt or coming to a settlement agreement.
If that case ends up proceeding and getting approval for the perfected property lien, the lender is then to notify the borrower that the lien is now activated. An activated lien and a court order for property seizure will be issued and the lender is then allowed to take legal action to ask the borrower to vacate the property.