California Sample Letter for Request for Extension of Time on Promissory Note

• Category: Letters - Nonlegal - Requests
• State: Multi-State
• Control #: US-0395LR
• Format: Word; Rich Text

Description

Sample Letter for Request for Extension of Time on Promissory Note Subject: Request for Extension of Time on Promissory Note — California Sample Letter Dear [Creditor's Name], I hope this letter finds you well. I am writing to formally request an extension of time on the promissory note that I entered into with your esteemed institution on [date of agreement]. Due to unforeseen circumstances, I am finding it difficult to meet the original repayment deadline of [current due date]. Therefore, I kindly request an extension to fulfill my financial obligation. [Your Relationship with Creditor]: Before proceeding, I would like to express my appreciation for the excellent working relationship we have had thus far. I value our association and want to assure you that my intention is to fulfill my financial commitment in its entirety. I truly believe that this extension is a temporary solution that will alleviate the burden caused by the current circumstances. [Explain the Reason for Extension Request]: In light of the recent economic downturn caused by the COVID-19 pandemic and its ripple effects on my personal finances, I have experienced a significant reduction in my income. This downturn has affected my ability to meet the payment schedule as decided under the original terms of the agreement. I am committed to rectifying this situation as soon as possible and ensuring that all payments are made in a timely manner. [Specify Desired Extension Period]: In consideration of the above-mentioned circumstances, I kindly request an extension of [number of days, weeks, or months] to fulfill my payment obligation. This additional time would allow me to reposition my finances, overcome the current obstacles, and make the necessary arrangements to meet my commitment as agreed. I understand that this extension will result in extending the term of the promissory note accordingly. [Supporting Information and Documentation]: I am attaching the necessary documentation, including relevant financial statements, current income verification, and any other materials you may require to substantiate my request. The enclosed information will demonstrate the efforts I am making to improve my financial situation and meet my obligations responsibly. [Offer Alternative Solutions]: In addition to the extension request, I am open to discussing potential temporary modifications to the repayment terms that may assist both parties during this challenging time. I am confident that with a little flexibility and understanding, we can reach a mutually beneficial agreement that will ensure the long-standing relationship between us continues positively. [Closing Remarks]: Please know that my intention is not to evade my financial responsibility but to genuinely seek your understanding and assistance during this hardship. I am committed to reestablishing a stable financial situation and meeting all my obligations promptly. I greatly appreciate your attention to this matter, and I sincerely hope for your cooperation in granting the extension request. Thank you for your time and consideration. I eagerly await your favorable response. If you require any further information or have any questions, please do not hesitate to contact me at [your contact information]. Best regards, [Your Name] [Your Address] [City, State, Zip] [Email Address] [Phone Number] Keywords: California, Sample Letter, Request for Extension, Time, Promissory Note, Financial Obligation, Repayment Deadline, Unforeseen Circumstances, Economic Downturn, COVID-19, Pandemic, Reduction in Income, Extension Period, Supporting Information, Documentation, Temporary Modifications, Mutual Agreement, Financial Responsibility, Cooperation.

Subject: Request for Extension of Time on Promissory Note — California Sample Letter Dear [Creditor's Name], I hope this letter finds you well. I am writing to formally request an extension of time on the promissory note that I entered into with your esteemed institution on [date of agreement]. Due to unforeseen circumstances, I am finding it difficult to meet the original repayment deadline of [current due date]. Therefore, I kindly request an extension to fulfill my financial obligation. [Your Relationship with Creditor]: Before proceeding, I would like to express my appreciation for the excellent working relationship we have had thus far. I value our association and want to assure you that my intention is to fulfill my financial commitment in its entirety. I truly believe that this extension is a temporary solution that will alleviate the burden caused by the current circumstances. [Explain the Reason for Extension Request]: In light of the recent economic downturn caused by the COVID-19 pandemic and its ripple effects on my personal finances, I have experienced a significant reduction in my income. This downturn has affected my ability to meet the payment schedule as decided under the original terms of the agreement. I am committed to rectifying this situation as soon as possible and ensuring that all payments are made in a timely manner. [Specify Desired Extension Period]: In consideration of the above-mentioned circumstances, I kindly request an extension of [number of days, weeks, or months] to fulfill my payment obligation. This additional time would allow me to reposition my finances, overcome the current obstacles, and make the necessary arrangements to meet my commitment as agreed. I understand that this extension will result in extending the term of the promissory note accordingly. [Supporting Information and Documentation]: I am attaching the necessary documentation, including relevant financial statements, current income verification, and any other materials you may require to substantiate my request. The enclosed information will demonstrate the efforts I am making to improve my financial situation and meet my obligations responsibly. [Offer Alternative Solutions]: In addition to the extension request, I am open to discussing potential temporary modifications to the repayment terms that may assist both parties during this challenging time. I am confident that with a little flexibility and understanding, we can reach a mutually beneficial agreement that will ensure the long-standing relationship between us continues positively. [Closing Remarks]: Please know that my intention is not to evade my financial responsibility but to genuinely seek your understanding and assistance during this hardship. I am committed to reestablishing a stable financial situation and meeting all my obligations promptly. I greatly appreciate your attention to this matter, and I sincerely hope for your cooperation in granting the extension request. Thank you for your time and consideration. I eagerly await your favorable response. If you require any further information or have any questions, please do not hesitate to contact me at [your contact information]. Best regards, [Your Name] [Your Address] [City, State, Zip] [Email Address] [Phone Number] Keywords: California, Sample Letter, Request for Extension, Time, Promissory Note, Financial Obligation, Repayment Deadline, Unforeseen Circumstances, Economic Downturn, COVID-19, Pandemic, Reduction in Income, Extension Period, Supporting Information, Documentation, Temporary Modifications, Mutual Agreement, Financial Responsibility, Cooperation.