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by LegalZoom staff
Updated on: February 13, 2024 · 2 min read
No matter the protective measures taken, it is a simple market fact that borrowers sometimes default on loan payments. There is little a lender can do to prevent such defaults, but some steps can be taken to remedy the situation. One of the simplest and most important things a lender can do after a default is provide notice of that fact and request either an immediate remedy or the acceleration of the whole loan.
The enclosed document demands that the late payment be made and warns that if action isn’t taken, the entire loan will be due immediately. The notice is constructed to help you get what is rightfully yours, with a tone designed to be both professional and firm. In the end, you know your borrowers better than anyone else: you may want to alter the correspondence to best suit your personal and business needs.
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