Bankruptcy is a process in federal court that helps people who owe money get relief from debts they cannot pay. This guide can help you.Download free financial hardship letter templates and samples. A letter of explanation can clarify your financial situation and get you one step closer to qualifying for a mortgage. A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. Cut and paste the sample letter below. If you're worried about how to get out of debt, here are some things to know — and how to find legitimate help. Collectors cannot collect on the debts that have been discharged. Our team at Equity Legal LLP will review your "2nd mortgage foreclosure" legal matter and get back to you shortly. Please fill out all required fields.