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The UCC (Uniform Commercail Code) gives the sellor or lessor who delivers the nonconforming goods an opportuinty to cure the nonconformoity. The term Cure generally means an opportunity to repair or replace defective or nonconforming goods. A cure may be attempted if 1. The time for performace has not expired and 2. The sellor/lessor notifies the buyer or lessee of his intention to male a conforming delivery within the contract time. Nonconforming goods: Goods that do not meet the exact specification of what the buyer expected.
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What 9 states require a right to cure?
Approximately 25 states have some sort of right to cure law. Go to your states Attorney General's website for information about your states laws. half of the states have enacted "right to cure," or "notice andopportunity to repair" legislationhalf of the states have enacted "right to cure," or "notice andopportunity to repair" legislationhalf of the states have enacted "right to cure," or "notice andopportunity to repair" legislation.
Does the company have to send you a right to cure notice?
Only in 9 states.. read your contract, it should be noted there.
If you are 49 days late on a loan can they repo at any time in Colorado?
After sending you a "20 day right to cure" notice they can.
Does Nevada require a right to cure notice on a mobile home default?
Yes. Nevada is one of several states that has enacted "right-to-cure" laws. This does not only apply to mobile homes, but also to installment loan agreements of all types.
Does Virginia require a right to cure notice before a car an be repossessed?
California allows self help repossession as long as there is no breach of the peace. There is no requirement to send a Right to Cure letter unless your specific contract says that one must be sent prior to repossession.
Where can you find an Iowa notice to cure form?
cureiform
If you receive a second right to cure notice and catch up on payment and get behind again does the lender have to get you another notice or do they have aright to repo your mobile home?
They have the right to repo your home the first time you are more than the allotted grace period delinquent. They are not required by any law to provide a cure option to you. They do so only in an attempt to recover the principle of the loan in the most expedient manner: payment.
Can a car go through repossession without sending a right to cure-default notice?
The majority of states allow for a repossession as long as there is no "breach of the peace." There are a few states that require a Right to Cure letter being sent out roughly 20 days prior to a repossession. You need to check your state law.
What are the laws under the right to cure law in state of Missouri?
REPOSSESSION CHECKLIST 1. Is the account 10 days or more past due? If not, you have to wait until it is before you can proceed. 2. If the account is 10 days or more past due, have you sent the NOTICE OF DEFAULT & RIGHT TO CURE? If not, you must send it before you can proceed. 3. Did the NOTICE OF DEFAULT & RIGHT TO CURE give the customer at least 20 days to cure the default? If not, you have to send the borrower one that does before you can proceed. 4. Did the customer cure the default by paying the account up to date? If so, and the account is again at least 10 days delinquent, you will have to send a SECOND NOTICE OF DEFAULT & RIGHT TO CURE, and give the customer 20 days to cure the default before you can proceed. 5. If you sent the SECOND NOTICE OF DEFAULT & RIGHT TO CURE, did it again give the customer 20 days to cure the default, and did it have the required additional language? If not, you have to send the borrower one that does before you can proceed. 6. After you repossessed the collateral, did you send the customer the NOTICE OF OUR PLAN TO SELL PROPERTY? 7. If you sent the NOTICE OF OUR PLAN TO SELL PROPERTY, did you give the customer at least 10 days to redeem the collateral? If not, you have to send the borrower one that does before you can proceed. 8. Was the sale handled in a commercially reasonable manner, e.g., advertising for bids, contacting various dealers, etc.? 9. Does the file contain complete information concerning the sale, include at the very least the nature of the sale (private or auction), the price obtained for the collateral, the name of the purchaser, etc.? 10. Does the file contain receipts for all expenses incurred in the repossession, including the repossession fee, repairs, storage, etc.? 11. If there was a surplus from the sale of the collateral, did you return the excess funds to the customer? 12. If you intend to pursue a deficiency balance, did you send the NOTICE OF SALE AND POSSIBLE DEFICIENCY?
What is the right to cure in a second mortgage?
The homeowner has 90 days after the notice of default to pay all of the arrears. After the 90 days have passed he has 21 days to pay in full, before the sale.
Does New York State have the right to cure?
New York state does not have a right to cure or opportunity to repair law. In New York, a creditor may repossess your vehicle with no prior notice, once you are behind in payments. They must notify you by first class mail within 24-hours of the repossession, and notify the nearest motor vehicle office.
Can a repossession be legal with no notice if an extension was made on the payment?
Not knowing what state you are in...YES it can. Few states require "notice" if you are referring to "right to cure". None require NOTICE, we are goona repo yo ride. Notice is when they bug you for 60 days wanting to get you to pay, answer the phone, quit pretending its a wrong number,ect. IF you were in default of the contract, they can repo, even ONE day late, IF they want to.
