Can you ask a creditor to forgive your debt?

If your debts are overdue the creditor may be willing to negotiate with you. They might even agree to accept less than what you owe. Sometimes it's possible to work out an agreement so your debt is eliminated and debt collectors can't sue you for the debt.

US Legal Forms
Legal Letters
Sample Letter for Payoff of Loan held by Mortgage Company

Sample Loan Payoff Letter Forgiveness In Broward

Category:

Letters - Loans and Lending - Mortgages Payoff

State:

Multi-State

County:

Broward

Control #:

US-0019LTR

Format:

Instant download

Description

This form is a sample letter in Word format covering the subject matter of the title of the form.

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FAQ

The borrower can apply for debt forgiveness on compassionate grounds by writing about the financial difficulties and requesting the creditor to cancel the debt amount.

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.

To get a payoff letter, ask your lender for an official payoff statement. Call or write to customer service or make the request online. While logged into your account, look for options to request or calculate a payoff amount, and provide details such as your desired payoff date.

The statement is provided by the mortgage servicer and can be requested at any time. Accurate payoff information is crucial for managing financial decisions related to property ownership.

Under federal law, the servicer must generally send you a payoff statement within seven business days of your request, subject to a few exceptions. (12 C.F.R. § 1026.36.)

I am requesting financial hardship assistance with my (account type; mortgage or credit card, for example) account." Detail your hardship. In a straightforward manner, explain what caused your current financial struggles, whether it is a job loss, divorce, medical emergency or another unexpected hardship.

If your debts are overdue the creditor may be willing to negotiate with you. They might even agree to accept less than what you owe. Sometimes it's possible to work out an agreement so your debt is eliminated and debt collectors can't sue you for the debt.

Unfortunately, my circumstances are unlikely to improve in the foreseeable future and I have no assets to sell to help clear my debt. I am therefore asking you to consider writing off my debt as I can see no way of ever repaying it. If you are unable to agree to this, please explain your reasons.

More info

➢ What types of taxes paid count toward loan forgiveness? This is a template letter to your creditors requesting that they forgive your debt and write it off for compassionate reasons.Learn About Your Loan Debt and Repayment Options. Do you want to know what Broward College is doing to prepare you for loan repayment? Learn how to complete and submit the Public Service Loan Forgiveness form once you've made 120 qualifying payments and met all eligibility requirements. Our financial assistance program is available to uninsured patients who permanently reside within Broward Health's boundaries. Find out if you are eligible Obtain form from Lender, loan servicer or Association and return with package. FedLoan Servicing is undercounting borrowers' progress towards Public Service Loan. The primary resources for financial assistance immediately following a disaster are your homeowners insurance, FEMA Individual Assistance, and an SBA Loan.

Sample Loan Payoff Letter Forgiveness In Broward

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FAQ

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Can you ask a creditor to forgive your debt?

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