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Is there a letter or some notification a lender has to send the borrower to notify them of repossession?
Wiki User
∙ 19y ago
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.
Wiki User
∙ 19y ago
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Where can you find a sample of a Right To Cure letter?
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
Can a car dealer sue you without having sent a certified letter stating the amount due for a balance after you have returned the broken down vehicle to the dealer and stopped payments?
It depends on the repossession laws of the state where the car was purchased. In some states the lender is required to send the borrower a notice of "cure and remand" before repossession can occur but not before a lawsuit can be initiated. Generally a lender will send such a letter in the hopes of avoiding litigation which is time consuming and often expensive for everyone involved.
Does Virginia require a right to cure notice before a car an be repossessed?
Yes, in Virginia, the lender is required to provide a right to cure notice before repossessing a vehicle. This notice must inform the borrower of the opportunity to cure the default by making payment. If the borrower does not cure the default within the specified timeframe, the lender can proceed with repossession.
I have a borrower who was denied last year by a lender. The lender will not release a copy of the MCAW for my lenders file. What can I do to get this lender to release this.?
Have the borrower request in writing to have their file released to --you -your busines name,address, phone ,cell immediately-if they are in the same city-have the borrower go get it or you go to their office After politely seeing if they just got a fax from THEM_and they will be verifying they got the faxed letter--and you will say-Good--can I come and get it ____Xtime--orNOW? and GET IT.
What is the legal course that must be followed by a lender repossessing a car?
After repossession the lender must send a letter telling you where the car is how much is owed on the car and where it can\d be redeemed. This letter must be sent within 5 day after the repo
What if your vehicle was repossessed but you never received a repossession letter what do you do?
Repossession letters are not required in every state. In some states, face to face notification of the repossession suffices, and when the driver came to hook up your car, if you had a conversation with him at all (even if it consisted of you yelling "Hey!" and him gesturing to you) you received notice.
Is a lender in Missouri required to send the borrower a Notice of Right to Cure before repossession action?
No, Missouri has no laws that require the creditor to notify the debtor that a vehicle is subject to repossession.The lender can have the vehicle repossessed without notice as long as the repossession does not commit a breach of peace as defined by the laws in the jurisdiction where the vehicle is seized.ADDED: While the above answer may have been correct at the time it was written - it is no longer applicable.Quote: "As per the UCC, repossession is allowed and permitted as long as it is peaceful, after a Twenty Day Right To Cure Letter from lienholder to debtor. One time cure law in effect in Missouri; all others per contractual agreement." unquoteSee below link:
How do you write a car repossession letter?
How do you write a car repossession letter?
Can you tell you what a lease termination letter is?
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.
How do you make notification letter not to renew contract?
tips how to make notification letter not to renew contract
What is securities lending?
Securities lending is a term that is used in borrowing loans where the borrower is to provide the lender with some form of collateral. This can be inform of government securities, documents for assets owned or letter of credit.
Do they have to notify you in NYC if your car is going to be repossessed and if so how do they notify you?
No The lender will not let you know when they are going to repo in NYC.In fact many times the lender will lie and tell you they are not going to repo and they do.If they do repo you will have to pay the outstanding balance plus repo fees,storage etc. plus whatever bogus fees the repo moron can get away with.Also remember in NYS car insurance rates have skyrocketed if your ins. has lapsed that is another way they can repo.If you feel a repo coming get everything of value out of the car radio etc.including your pp.If you can borrow the money to make the payments do so now before the repo!!!!!!After it will be much more expensive.Good Luck The only requirement of notification in NY is a post repossession letter must be sent, and a repossession condition report must be filed within 48 hours after the unit is secured.
