Subject: Request for Extension of Time on Promissory Note [Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Sender's Name] [Sender's Designation] [Sender's Address] [City, State, ZIP] Dear [Sender's Name], I hope this letter finds you well. I am writing to request an extension of time on the promissory note [Specify the promissory note details] that I signed on [Date]. Due to unforeseen circumstances and a temporary financial setback, I am unable to meet the original repayment deadline of [Original Repayment Deadline]. I would like to assure you that honoring my financial obligations is of the utmost importance to me. I fully understand the terms stipulated in the promissory note and accept full responsibility for fulfilling my commitment. However, I believe that a brief extension is necessary in order for me to make the repayment in a timely manner. [Describe the reasons for your request for extension in a clear and concise manner. Explain any financial difficulties, unexpected expenses, or any other circumstances that have affected your ability to meet the repayment deadline.] I kindly request an extension of [Number of Days/Months] to make the full payment. I am certain that this additional time will allow me to rectify the situation and fulfill my financial obligations in accordance with our agreed-upon terms. To reassure you of my sincerity, please find attached supporting documents which demonstrate the ongoing efforts I am making to improve my financial situation and repay the debt. Additionally, I am open to discussing any alternative arrangements, such as revised payment schedules or partial payments, in order to demonstrate my commitment and maintain a good relationship. [Include any additional information or supporting documents that may strengthen your case for an extension.] I am fully aware that this request is subject to your approval. I genuinely appreciate your understanding and consideration in this matter. Furthermore, I value our business relationship and assure you that I will prioritize the repayments as soon as the extension is granted. Should you require any further information or have any concerns regarding this request, please do not hesitate to contact me at the provided contact details. I am available to discuss this matter at your convenience. Thank you for your time and attention. I look forward to your favorable response. Yours sincerely, [Your Name]
Mississippi Sample Letter for Request for Extension of Time on Promissory Note
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FAQ
What Happens When a Promissory Note Is Not Paid? Promissory notes are legally binding documents. Someone who fails to repay a loan detailed in a promissory note can lose an asset that secures the loan, such as a home, or face other actions.
Generally, as long as the promissory note contains legally acceptable interest rates, the signatures of the two contracted parties, and are within the applicable Statute of Limitations, they can be upheld in a court of law.
Even if you have the original note, it may be void if it was not written correctly. If the person you're trying to collect from didn't sign it and yes, this happens the note is void. It may also become void if it failed some other law, for example, if it was charging an illegally high rate of interest.
How to Modify a Promissory NoteIdentify the terms of the note that are creating difficulty in repayment.Communicate your need to modify the terms of the note to the note holder.Have the holder of the note draft modifications to the original note.Sign and notarize the modified promissory note.
A promissory note extension is a legal document allowing an extension on the borrower's period in paying back a loan. For example, if a borrower has problems paying back their loan, or if the lender is asking for less time to repay it, the borrower can request an extension of their promissory notes.
While the statute of limitations on an action in an obligation, liability, or contract is four years, Commercial Code Section 3118(a) gives a statute of limitations of six years for an action to be enforced on the party to pay their promissory note. This time period starts from the due date that's listed on the note.
While the statute of limitations on an action in an obligation, liability, or contract is four years, Commercial Code Section 3118(a) gives a statute of limitations of six years for an action to be enforced on the party to pay their promissory note.
What Happens When a Promissory Note Is Not Paid? Promissory notes are legally binding documents. Someone who fails to repay a loan detailed in a promissory note can lose an asset that secures the loan, such as a home, or face other actions.
Amending a promissory note is a legal process by which parties can denote changes to the original contract and continue with the terms of the agreement as set forth. Canceling a promissory note is a process that will lead the note to become null and void.
Depending on which state you live in, the statute of limitations with regard to promissory notes can vary from three to 15 years. Once the statute of limitations has ended, a creditor can no longer file a lawsuit related to the unpaid promissory note.
