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Many states require a "Right to Cure and Notice of Intent to Repossess". This letter is sent if a lender accepts two or more late payments. States justify this because the lender is said to have accepted a different course of dealing than was outlined in the contract. The letter demands the customer return to the original terms of the contract and pay their total amount due within a period of days (usually 10). Requirements also varry based on lease or retail contracts. Some states off hand that do not require "cures": Indiana, Kentucky, Ohio, Oklahoma, New York, Pennsylvania, Michigan.

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βˆ™ 2004-10-29 09:51:21
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Q: Is there a letter or some notification a lender has to send the borrower to notify them of repossession?
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A lease termination letter is a letter that a borrower will give to a lender releasing the borrower from a legally binding contract. It will be given when the lease comes to term or if the borrower and lender come to an agreement.


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The question does not indicate if the action is to be on the part of the creditor/lender or the borrower/debtor. Nevertheless, there are not generic forms for a Right To Cure notification. Individual states establish the procedure and therefore information included in the correspondence must be in conjunction with the laws of the person's state of residency. so is there special wording in the forms? 15 days to respond to letter letter is from lender to debtor


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Is a lender in Missouri required to send the borrower a Notice of Right to Cure before repossession action?

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In California what is the car repossesion law?

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