Lender Spreadsheet provides a Late Notice Letter (Notice of Default), which will provide you with a letter that you can print and send to your borrower to inform them of the amount that they are in default by and to demand when it must be paid by.
Print your Late Notice
It is easy to print your Late Notice letter or save it as a pdf file. Learn more about printing and saving to pdf.
Add a Signature Image
If you intend to save your form as a pdf and email it to your borrower, you can add an image of your signature, so that you do not need to print the form to paper first, sign it and then scan it to pdf. Learn how to add an image of your signature to your letter.
There are usually two scenarios where you may want to use this letter:
If you have received NO Payment
If you have received NO Payment whatsoever, you first need to accrue the missing payment on the Record Payments worksheet. Learn about how to accrue missed payments.
If you have received a Partial Payment
If your borrower has sent a Partial Payment and you want to send a Late Notice for the difference, you will need to accrue the partial payment on the Record Payments worksheet. Learn about now to accrue a Partial Payment on time or how to accrue a Partial Payment Late.
It is important to understand how Late Charges work so that you don't miss out on Late Charges due or charge one where a charge is NOT due. Learn about Late Charges.
Firstly, as noted above, make sure that you have entered all your payments, non payments and partial payments correctly.
Click on the Late Notice worksheet.
On the righthand side of the report, there is a section in grey that gives you a box to enter how many days your borrower has to cure their default.
The other information shown underneath is the last date a payment was not paid and accrued. Under that is the amount to cure the default.
Enter Number of Days to Cure Default
To start your report, enter a number in Cell I8. If you don't enter the number of days, the number of days will be today's date giving your borrower no time to rectify the default. This is so that the report does not error by no date being entered.
In our example, we have entered 10 in Cell I8, meaning 10 days to cure the default.
In Row 11 it tells us that the last payment accrued was on March 11 2021.
In our example, the borrower has had multiple late payment and NEVER paid the late fees by adding more to their payments. This amount is therefore included here along with the payment due for March 2021 which was unpaid, because we want to collect ALL money that is outstanding and due.
As soon as you add the Days to Cure Default, your letter will update to show the number of days.
You can customize some of the text of the Notice of Default. Row 31 includes the following text to amend to amend if required:
If you fail to cure your default, it will result in the acceleration of the sums secured by this mortgage, foreclosure by judicial proceeding and sale of the Property. You may have the right to assert in the foreclosure proceedings the non-existence of a default or other defence to acceleration and foreclosure.
Simply click in the cell to edit. Click on Row 31 in the far left bar and drag it up or down to change the row height.
To add a blank line, press the alt+enter keys together whilst editing the cell.
Get in touch if you’re having problems, need something specific or have questions about our spreadsheet.
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