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The Demand Letter For Mortgage Payment is a crucial document in Nigerian mortgage enforcement procedures, typically issued when a mortgagor has defaulted on their payment obligations. It serves as a formal notification and demand for payment, required before initiating foreclosure or other legal remedies under Nigerian law. The letter must comply with various regulations including the Land Use Act, Mortgage Institutions Act, and relevant banking regulations. It should clearly state the default amount, provide a reasonable payment deadline, and outline the potential consequences of continued non-payment. This document is particularly important as it often serves as evidence in subsequent legal proceedings and demonstrates the lender's attempt to resolve the default amicably before pursuing more aggressive enforcement measures.

1. Recipient Details: Full name and address of the mortgagor/debtor, including property address

2. Reference Information: Mortgage account number, property details, and date of original mortgage agreement

3. Default Statement: Clear statement of the default situation and breach of mortgage terms

4. Payment Details: Specific amount in arrears, including breakdown of principal, interest, and any penalties

5. Demand Statement: Formal demand for payment with specific amount and deadline

6. Consequence Statement: Clear outline of actions that will be taken if payment is not received

7. Payment Instructions: Details of how and where to make the payment

8. Contact Information: Details for discussing payment arrangements or seeking clarification