The Notice of Intent to Foreclose is a crucial document in Indonesian lending practice that serves as a mandatory preliminary step before initiating formal foreclosure proceedings. This notice is required under Indonesian banking regulations and mortgage law, particularly when dealing with non-performing loans secured by property. The document must be issued in compliance with Law No. 4 of 1996 on Mortgage Rights and relevant OJK regulations, providing borrowers with clear information about their default status, the steps required to cure the default, and the consequences of non-compliance. The notice typically follows a period of missed payments and must be served before any formal foreclosure action can commence, ensuring due process and protecting both lender and borrower rights under Indonesian law.
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1. Lender Information: Complete details of the lending institution, including license numbers and authorized representative
2. Borrower Information: Full legal name and address of the borrower(s) and any co-borrowers
3. Loan Details: Original loan amount, date of execution, current outstanding balance, and loan agreement reference numbers
4. Property Description: Legal description of the mortgaged property, including certificate numbers and registered addresses
5. Default Statement: Clear statement of the default condition, including the number of missed payments and total amount in arrears
6. Cure Period: Specification of the legal timeframe within which the borrower must cure the default
7. Required Actions: Detailed description of what the borrower must do to cure the default, including payment amounts and methods
8. Consequences Statement: Clear explanation of what will happen if the default is not cured within the specified period
9. Legal Rights Statement: Statement of the borrower's legal rights under Indonesian law, including right to cure and right to mediation
1. Payment History: Detailed history of payments and defaults - include when there are disputed payments or multiple defaults
2. Prior Notices: Reference to previous notifications sent - include when this is not the first notice
3. Mediation Offer: Specific offer for mediation proceedings - include when required by local court jurisdiction
4. Insurance Information: Details of property insurance requirements - include when insurance lapse is part of the default
5. Third Party Authorization: Information about authorized third parties - include when loan servicer or attorney is involved
1. Schedule A - Payment Summary: Detailed breakdown of the outstanding amounts, including principal, interest, and any penalties
2. Schedule B - Payment History: Chronological record of payments received and missed payments
3. Schedule C - Property Documentation: Copies of relevant property certificates and mortgage registration documents
4. Appendix 1 - Legal Rights: Full explanation of borrower's legal rights and available remedies under Indonesian law
5. Appendix 2 - Contact Information: Complete contact details for all relevant parties, including legal representatives and mediators
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