The Notice of Intent to Foreclose Letter is a crucial document in New Zealand's mortgage enforcement process, required when a lender intends to exercise their power of sale over a mortgaged property. This document is utilized when a borrower has defaulted on their mortgage obligations and serves as the first formal step in the foreclosure process. It must comply with the Property Law Act 2007 and the Credit Contracts and Consumer Finance Act 2003, providing clear information about the default, the amount required to remedy it, and the consequences of non-compliance. The notice must allow the statutory minimum period of 20 working days for the borrower to remedy the default before further enforcement action can be taken. This document represents a critical juncture in the lending relationship and must be handled with precise attention to legal requirements and responsible lending obligations.
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1. Sender Details: Full legal name and contact details of the mortgagee/lender, including registration numbers if applicable
2. Recipient Details: Full legal name and address of the mortgagor/borrower
3. Property Details: Legal description and physical address of the mortgaged property
4. Loan Reference: Reference numbers for the mortgage agreement and associated loan account
5. Default Notice: Clear statement of the default situation, including the nature of the default and when it occurred
6. Amount in Default: Detailed breakdown of the amount in default, including principal, interest, and any fees
7. Remedy Period: Statutory notice period (typically 20 working days in NZ) during which the default can be remedied
8. Required Actions: Clear explanation of what the borrower must do to remedy the default
9. Consequences: Statement of the lender's intention to exercise power of sale if the default is not remedied
1. Previous Communications: Reference to any previous communications regarding the default - include if there have been prior notices or discussions
2. Hardship Assistance: Information about hardship assistance options - include if required by responsible lending obligations or if offering additional support
3. Insurance Requirements: Reminder of insurance obligations - include if there are concerns about property insurance
4. Dispute Resolution: Information about dispute resolution processes - include if required by your organization's policies or regulatory requirements
5. Additional Security: Reference to any additional security held - include if there are multiple securities for the loan
1. Schedule A - Payment History: Detailed breakdown of payment history showing the default pattern
2. Schedule B - Outstanding Amount Calculation: Detailed calculation of the total amount owing, including interest, fees, and charges
3. Schedule C - Property Information: Copy of property title or other relevant property documentation
4. Appendix 1 - Statutory Information: Required statutory information about borrower's rights and the foreclosure process under NZ law
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