Demand Letter (On Maturity)

Summary

This is a precedent demand letter for failure to pay in full on maturity of the mortgage. This precedent includes practical guidance, drafting notes, explanations and tips for drafting a demand letter for full payment upon the maturity of a mortgage. The large majority of enforcement files relate to payment defaults, which involve failure to pay the full amount due upon maturity. In a power of sale transaction, the first step the lender, or lender's law firm, will take if the full amount is due and owing upon maturity is to issue a demand letter requiring payment in full. Since the notice of sale cannot be issued until the default has continued for 15 days, a prudent lawyer would take the opportunity to send a full balance demand to the mortgagor in an attempt to remedy the matter. For more information on the mortgage enforcement process, see the following practice note: Mortgage Enforcement Procedure. For helpful checklists to ensure all steps are taken in a power of sale process, ...