![]() ![]() ![]() When two parties engage in some deal i.e. Brief description of the Payment Default Notice: The notice of default in payment is just a formal way of asking the debtor nicely to contact the creditor and resolve the issue without involving court or law enforcement department. ![]() Usually a notice of default in payment is the final notice sent to the debtor and if he doesn’t respond to it, the creditor has all the rights to either file a case against him or cease his property as collateral or both. In case a debtor goes defaulter in his loan or mortgage loan payments (in simple words doesn’t pay the installments on time), the creditor has the obligation to formally inform him about the issue and ask him to come forward and resolve the dispute before the creditor takes it to the next level. 3 Key elements to include in the Payment Default Notice: Introduction to the Payment Default Notice: ![]()
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