When sending cash flow note payors any kind of communication it’s always best to be direct. If they’re behind, never say you “might” foreclose; always say you will. You can always change your mind, and in most states your forbearance will not keep you from future action.
If you intend your letter to be legal notice, make sure that it follows the form specified in the the law and the note documents. I’ve seen notices voided because of very slight oversights, such as wording that was not exact or failure to itemize fees. A voided notice can allow your payor to thumb his nose at you for several additional months.
If you’re in doubt, or if you haven’t done this in awhile (laws change), it’s worth it to have your attorney review notices.
