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You may request for Foreclosure statement Online by Clicking here (Redirect to webform page) We are looking forward to touch base with you to understand the reasons for your foreclosure. Foreclosure statement will be issued in 12 working days & our service officer will get in touch with you to discuss the same.
To sum up, I am writing this letter to inform you that I wish to foreclose the loan. Moreover, my loan ID is xx and I opted for (no. of EMIs) EMIs. Therefore, I am willing to pay ______ (Amount)in a single installment and foreclose the loan.
Put your name, address, phone number, loan number, and date on the top of the letter. List the name and address of your lender. information about any money you have saved for a workout agreement. Tell the lender you are working with a foreclosure counselor and include their name and agency.
When a homeowner stops paying on a loan used to purchase a home, the home is deemed to be in foreclosure. What this ultimately means is that the ownership of the home switches from the homeowner to the bank or lender that provided the loan.
Focus only what has currently happened and how that has impacted your ability to make the payments. List what you have done to try to resolve the hardship. For example, you reduced your expenses, picked up a second job, etc. Explain why you need help from the lender to avoid default.
A foreclosure is simply the closing of a Home Loan by paying off the entire amount borrowed in one lump sum amount. It is part of the regular Home Loan process and allows you to pay off the borrowed amount before the EMI schedule. You can opt for a foreclosure even after having made a few EMI payments.