Send a Notice of Private Sale of Collateral to give your account holder the final details of the approaching sale.
Give them the date, the amount the property will be sold for and any other relevant information.
You’ve probably already notified them of your intent to sell, but receiving this letter will be a major eye-opener.
They’ll realize it’s really happening and they are going to lose their property.
Now there’s no going back – unless of course they pay back what they owe prior to the date of the upcoming sale!
NOTICE OF PRIVATE SALE OF COLLATERAL
To: ___________________________ [Debtor]
You are hereby notified that after _, 19_, the undersigned shall sell at private sale the following Collateral: [Describe]
Said collateral shall be sold to _, [Buyer] for the amount of $_. You will be held liable for any deficiency resulting from said sale. You may redeem this property by paying the amount due and accrued costs of foreclosure at any time prior to the time of sale.Related Pages