[Your Name] [Your Address] [City, State, ZIP] [Date] [Foreclosure Attorney's Name] [Attorney's Address] [City, State, ZIP] Subject: General Demand to Stop Foreclosure and Reasons Dear [Foreclosure Attorney's Name], I hope this letter finds you well. I am writing to bring to your attention the urgent matter of foreclosure proceedings being initiated against my property at [Property Address], and to request an immediate halt to this process. As a homeowner currently facing financial challenges, I believe it is crucial to explore all possible alternatives to foreclosure. In light of this, I kindly request your intervention and assistance in reaching a mutually beneficial solution to prevent foreclosure. The reasons I am urging you to halt the foreclosure proceedings include: 1. Financial Hardship: I have experienced an unforeseen financial setback due to [explain the specific circumstances, such as job loss, medical expenses, etc.], which has impacted my ability to meet mortgage obligations. Despite my current circumstances, I remain committed to resolving my debt obligations sustainably. 2. Willingness to Negotiate: I am open to negotiations and exploring various alternatives to foreclosure, such as loan modifications, repayment plans, or other workout options. By ceasing the foreclosure process, we can create an opportunity to discuss these possibilities and find a solution that is mutually beneficial. 3. Value Preservation: Stopping the foreclosure will allow me to explore avenues to maintain the value of the property. I am confident that with some adjustments and support, the property can be returned to a stable financial state, benefiting both the lender and me. 4. Favorable Market Conditions: The current real estate market in Hawaii [or any specific area, if applicable] is experiencing growth and increased demand. By delaying foreclosure, it would provide a chance to potentially sell the property at a fair market price and settle the outstanding mortgage balance without significant losses. Please consider this letter as a formal demand to immediately cease all foreclosure proceedings against my property. I kindly request that you acknowledge receipt of this letter within [number of days, typically 10-14 days] and promptly communicate with me to discuss possible alternatives to foreclosure. I believe that by working together, we can find a resolution that is beneficial for all parties involved. Furthermore, I am fully committed to cooperating and providing any necessary information to facilitate a positive outcome. Thank you for your attention to this matter. I look forward to your response and the opportunity to discuss potential alternatives to foreclosure. Sincerely, [Your Name]
Hawaii Sample Letter to Foreclosure Attorney - General Demand to Stop Foreclosure and Reasons
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FAQ
In a JUDICIAL FORECLOSURE, the Mortgagee files a lawsuit against you in order to obtain a court judgment that you owe the balance due under your loan and to obtain an order to sell the property. The initial legal document you will receive in the lawsuit is called the complaint.
Dear Madam, I am Nisha Mittal, and I currently have a home loan against my account number (mention your account number). I want to foreclose my home loan this month by paying the outstanding amount in a single payment. I have paid 8 EMIs as of now, and there are 5 EMIs pending until this year.
Personal Loan Closure Letter Format Dear Sir/Ma'am, I am Sudharshana Karthik, and I have a personal loan in my account in your bank. I am writing this letter to request you to close my personal loan account with the number 1526xx4656. I have paid all my EMIs, and the loan tenure is complete.
Tips for Writing a Hardship Letter Keep it original. ... Be honest. ... Keep it concise. ... Don't cast blame or shirk responsibility. ... Don't use jargon or fancy words. ... Keep your objectives in mind. ... Provide the creditor an action plan. ... Talk to a Financial Coach.
Make sure to include not just your difficulties in your letter, but also your plans to improve your situation and get back on track with your loan payment. Remember you are writing to an organization, not an individual, you must write in respect to their desire to make money and give them reasons to trust you.
A foreclosure is simply the closing of a Home Loan by paying off the entire amount borrowed in one lump sum amount. It is part of the regular Home Loan process and allows you to pay off the borrowed amount before the EMI schedule. You can opt for a foreclosure even after having made a few EMI payments.
There are no rights for redemption in Hawaii once the foreclosure is completed. In the case of a judicial foreclosure, the lender can file a lawsuit against the borrower for a deficiency unless a ruling was made by the court regarding deficiency when the foreclosure was finalized.
Put your name, address, phone number, loan number, and date on the top of the letter. List the name and address of your lender. information about any money you have saved for a workout agreement. Tell the lender you are working with a foreclosure counselor and include their name and agency.
