If you believe that your home is no longer affordable and have exhausted all other options, you may consider a "Deed-in-Lieu of Foreclosure. We have created this online guide to help you make informed decisions about a lending product that can help you take control of your finances: personal loans.You need to write the Foreclosure letter to the branch manager. Also, make sure you state the reason for foreclosure very clear and concise. Tooltip: Please provide the total amount you would like to borrow. The format should be: 999,999.99. Foreclosure Letter: Want to close your loan permanently with the full payment? A foreclosure is a legal term for the lawsuit that your lending institution starts so it can seize a mortgaged piece of real property. Ignoring late notices or a foreclosure notice will not stop the process. -- Know your rights.