The Demand Letter From Mortgage Company is a crucial document in Malaysian banking practice, typically issued when a borrower has defaulted on their mortgage payments for a specified period. It represents a formal step in the debt recovery process, required before any legal action can be initiated under Malaysian law. The document must comply with various regulations, including the National Land Code 1965, Banking and Financial Institutions Act 1989, and Central Bank guidelines. It serves multiple purposes: formally documenting the default, providing clear details of the outstanding amounts, giving the borrower a final opportunity to remedy the default, and establishing a paper trail for potential legal proceedings. The letter needs to balance firm legal demands with customer relations considerations, particularly in light of Malaysian banking practices that often encourage loan restructuring before enforcement actions.
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1. Letterhead and Date: Official letterhead of the mortgage company, including license numbers and full contact details, with current date
2. Recipient Details: Full name and address of the borrower(s), loan account number, and property details
3. Subject Line: Clear indication that this is a demand letter with reference to the loan account number
4. Loan Details Reference: Reference to the original loan agreement, date of execution, and property details
5. Default Notification: Clear statement of the default situation, including number of missed payments and dates
6. Amount Details: Precise breakdown of the amounts owed, including principal, interest, late payment charges, and other fees
7. Demand Statement: Formal demand for payment with specific amount and deadline
8. Legal Consequences: Statement of legal actions that will be taken if payment is not received
9. Payment Instructions: Clear instructions on how and where to make the payment
10. Contact Information: Specific contact details for the borrower to discuss the matter
11. Signature Block: Authorized signatory details and company stamp
1. Previous Correspondence Reference: Reference to previous reminder letters or communications, used when there has been prior correspondence
2. Restructuring Options: Information about possible loan restructuring or payment arrangements, included when the bank is open to negotiations
3. Insurance Claims: Reference to any relevant insurance policies that might cover the default, used when applicable
4. Guarantor Notice: Notice to guarantors if any exist for the loan
5. COVID-19 Relief Reference: Reference to any available pandemic-related relief measures, if applicable during relevant periods
1. Statement of Account: Detailed breakdown of the loan account showing payment history and current amounts due
2. Payment Schedule: Schedule showing missed payments and their dates
3. Interest Calculation: Detailed calculation of interest and late payment charges
4. Copy of Loan Agreement: Relevant excerpts or full copy of the original loan agreement
5. Property Details: Legal description of the mortgaged property and title details
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Relevant Teams
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Risk Management
Compliance
Customer Service
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Default Management
Property Services
Document Management
Relevant Roles
Credit Manager
Loan Officer
Legal Counsel
Collections Manager
Risk Assessment Officer
Mortgage Advisor
Compliance Officer
Banking Operations Manager
Customer Relations Manager
Default Management Specialist
Recovery Officer
Property Valuation Officer
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