This Notice of Intention to Foreclose is a letter you’ll find yourself needing more than ever in today’s economy.
People are out of work and are not in as good of a financial situation as they may have been a few years back.
When you have personal property being held for security purposes, you may have no choice, but to sell said property when your customer stops paying on their account.
You might be in for mountain of paperwork, but with this form you're one step closure the end of this process.
You can use this letter to remind your customer of your agreement and inform them what steps you plan to take to recoup your money.
NOTICE OF INTENTION TO FORECLOSE
(Under Security Agreement)
To ______________________________________________, Debtor
You are hereby notified that the undersigned intends to foreclose under provision of that certain Agreement executed by you on the _______ of ______________19 , whereby certain personal property described as follows was given as security for the payment of indebtedness to Secured Party named below.
You are hereby further notified that unless you pay, within ___ days from the date hereof, to the undersigned, holder and owner of the said Agreement, at their office address, which is listed below, the sum of $ _____, all of which is now due and payable pursuant to the conditions of said Agreement, plus charges at the rate provided for in said Agreement, from date hereof to date of payment, SECURED PARTY SHALL TAKE POSSESSION OF SAID PROPERTY. Further, if said property sells for less than the amount then due under terms of the Agreement, you will be obligated to pay the deficiency.