[Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date] [Loan Service's Name] [Loan Service's Address] [City, State, ZIP Code] Subject: Insufficient Amount to Reinstate Loan — Request for Modification Options Dear [Loan Service's Name], I hope this letter finds you well. I am writing to address the current issue of an insufficient amount to reinstate my loan. As a homeowner in Connecticut, it is my sincere intention to resolve this matter and resume regular payments promptly. I have recently fallen behind on my mortgage payments due to [briefly explain the reason]. However, I am committed to rectifying this situation and regain stability in meeting my financial obligations. After carefully reviewing my financial resources, I have determined that the available funds are insufficient to fully pay the amount required for reinstatement. In light of the circumstances, I kindly request your assistance in exploring alternative options that could help me bring my loan back to good standing. I am open to any potential solutions that may be available, including: 1. Loan Modification: I would appreciate it if you could evaluate the possibility of modifying the terms of my loan. This could involve adjusting the interest rate, extending the loan term, or incorporating the delinquent amount into the principal balance to make the monthly payments more affordable. 2. Repayment Plan: If a loan modification is not feasible, I would be grateful if you could design a reasonable repayment plan. This would allow me to catch up on the missed payments gradually, ensuring my commitment to bridging the financial gap and avoiding any future delinquency. 3. Forbearance Agreement: If it aligns with your policies, I am open to discussing a forbearance agreement wherein you temporarily suspend or reduce my monthly payments for a specific period. This would grant me the opportunity to stabilize my financial situation and subsequently resume regular payments. 4. Refinancing Options: If applicable, I would like to explore available refinancing options that could help me secure more favorable loan terms or potentially access additional funds to reinstate the loan. Kindly note that I am fully aware of my responsibility to maintain open communication and provide any necessary documentation to support my request for assistance. I am more than willing to provide any financial statements, bank records, or employment verification you may require to evaluate my eligibility for the aforementioned options. I would be grateful if you could provide me with a detailed analysis of my current financial standing and loan reinstatement options as soon as possible. The sooner we reach a mutually beneficial resolution, the sooner I can restore regular payments and regain financial stability. Please consider this letter as an earnest plea for your understanding and assistance. I assure you of my utmost commitment to resolving this matter in a responsible and timely manner. Feel free to contact me at [Phone Number] or [Email Address] to discuss the possibilities or to request any additional documentation you may need. Thank you for your attention to this request, and I am hopeful for a positive outcome. I appreciate your time and cooperation in helping me navigate through this challenging situation. Sincerely, [Your Name]
Connecticut Sample Letter for Insufficient Amount to Reinstate Loan
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FAQ
To reinstate a loan, you must first find out the amount needed to bring the loan current. You can get this information by requesting a "reinstatement quote" or "reinstatement letter" from the loan servicer.
Reinstating your mortgage before the foreclosure process is something that many lenders are agreeable to. With that, many lenders are happy to accept a reinstatement arrangement. If you fall behind on your mortgage payment, reach out to your lender for a reinstatement quote.
Who Can Get a Mortgage Loan Modification?Long-term illness or disability.Death of a family member (and loss of their income)Natural or declared disaster.Uninsured loss of property.Sudden increase in housing costs, including hikes in property taxes or homeowner association fees.Divorce.
You may be able to reinstate the loan by catching up on payments. However, you will need to repay all past due bills, including late fees and the costs a lender incurs from repossession.
A loan modification is a change to the original terms of your mortgage loan. Unlike a refinance, a loan modification doesn't pay off your current mortgage and replace it with a new one. Instead, it directly changes the conditions of your loan.
Reinstatement involves making a single payment to catch up with everything due on a loan. By contrast, payoff involves paying the lender the total remaining balance of the loan. (Payoff before a foreclosure sale is commonly known as redemption, which is an equitable right available in every state.)
The deadline for reinstating your loan is 90 days after you were served with a foreclosure notice. By this deadline, you will be required to make up the missed payments and pay other fees and expenses.
One potential downside to a loan modification: It may be added to your credit report and could negatively impact your credit score. The resulting credit dip won't be nearly as negative as a foreclosure but could affect your ability to qualify for other loans for a time.
Negotiating a ReinstatementDefaulting property owners can also negotiate reinstatement of their mortgage loans with their lenders. Negotiating a reinstatement of a defaulted mortgage with that loan's lender is a bit more involved than simply paying all missed payments and late fees though.
