This form is a sample letter in Word format covering the subject matter of the title of the form.
Sample Letter Payoff Mortgage File For Bankruptcies In Texas
State:
Multi-State
Control #:
US-0019LTR
Format:
Word;
Rich Text
Instant download
Description
Form popularity
FAQ
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.
That said, most successful settlements typically result in paying 30% to 50% less than the original balance. So, for example, if you owe $10,000 on a credit card, you might reasonably offer $5,000 to $7,000 as a lump-sum settlement.
Clearly define objectives before drafting the settlement offer. If monetary compensation is involved, the offer should specify the amount, payment schedule, and contingencies for non-payment.
If you file Chapter 7, you may have the option of reaffirming your mortgage and keeping your home. However, the mortgage company has to agree to reaffirm the debt and the equity in your house should not exceed the exemption limit for your state.
The main cons to Chapter 7 bankruptcy are that most secured debts won't be erased, you may lose nonexempt property, and your credit score will likely take a temporary hit. Filing for bankruptcy is a very effective way to eliminate debt and get a fresh start.
Filing for bankruptcy doesn't automatically mean losing your home. In Chapter 7, you may keep it if your equity is covered by your state's homestead exemption. In a Chapter 13 bankruptcy, you can often keep your home as long as you adhere to the repayment plan, which may also help catch up on missed payments.
Common types of assets and nonexempt property a debtor could potentially lose in Chapter 7 bankruptcy include: Vacation properties. Investment accounts. Stocks and bonds. Rental properties. Luxury items. Valuable artwork. Jewelry. Antiques.
In those circumstances, the creditor is not required to file a proof of claim if the creditor is satisfied with the status of the claim (secured or unsecured) and the amount of the claim as scheduled.
If you are current on your mortgage payments, you are likely to keep your home, even when you file for Chapter 7. If you are behind on your payments, however, you could potentially lose the home. Chapter 7 bankruptcy does not wipe out your mortgage lien.
There's a process to getting the mortgage payoff statement. First, you'll need to contact your lender and let them know you want the information. Depending on your lender, you may have to sign in to an online account, call a helpline, or send a formal letter to start the request process.
