Sample Letter regarding Information for Foreclosures and Bankruptcies
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How to fill out Sample Letter Regarding Information For Foreclosures And Bankruptcies?
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FAQ
Facts. Include all the details with correct dates and dollar amounts. Resolution. Explain how and when the situation was resolved. Acknowledge. It's important that the letter outline why the problem won't arise again.
Hardship Examples. There are a variety of situations that may qualify as a hardship. Keep it original. Be honest. Keep it concise. Don't cast blame or shirk responsibility. Don't use jargon or fancy words. Keep your objectives in mind. Provide the creditor an action plan.
Include your name, property address, and mortgage account number. o Use the name that is on your mortgage and include your spouse or other co- borrower if they are on the mortgage. Do not write your letter on your payment coupon or other payment form you get from your servicer. Send the letter to the proper address.
Begin the letter with the date, a salutation, and an introduction of the incident or issue. Provide a short but detailed description without having to add unnecessary terms and phrases. Provide an explanation of the steps you've taken to rectify the error or to complete the missing information.
Write a debt settlement letter to your creditor. Explain your current situation and how much you can pay. Also, provide them with a clear description of what you expect in return, such as removal of missed payments or the account shown as paid in full on your report.
I respectfully request that you forgive my alleged debt, as my condition precludes any employment, and my current and future income does not support any debt repayment. Please respond to my request in writing to the address below at your earliest convenience. Thank-you in advance for your understanding of my situation.
Adjusting Entry for Debt Forgiveness When a debt is cancelled or forgiven, an adjusting entry must be made on the company books to reflect the cancellation as income. It is usually done by debiting (reducing) debts payable on the balance sheet and crediting (increasing) an income entry on the profit and loss statement.
Due to these reasons, I respectfully request that you forgive my alleged debt as my financial status doesn't support the debt repayment. I have attached my medical bills and proof of accident as evidence to my claims. Please respond to my letter through my Address at your earliest convenience.
Your letter should start with an introduction of who you are and what kind of loan you are applying for. Lead into your story with something like "We want to explain our foreclosure from six years ago." Then, launch right into the details that led you to lose your home. This is not the time to be shy or modest.
