Massachusetts Sample Letter for Demand on Guarantor

• Category: Letters - Nonlegal - Demands
• State: Multi-State
• Control #: US-0364LR
• Format: Word; Rich Text

Description

Sample Letter for Demand on Guarantor [Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Guarantor's Name] [Guarantor's Address] [City, State, ZIP] Subject: Demand for Payment — Guarantee Agreement Dear [Guarantor's Name], I hope this letter finds you well. I am writing to you as the guarantor identified under the guarantee agreement dated [insert agreement date] (the "Guarantee Agreement") for the loan obtained by [Borrower's Name] (the "Borrower") from [Lender's Name] (the "Lender"). The purpose of this letter is to formally demand payment of the outstanding balance owed by the Borrower under the aforementioned Guarantee Agreement. As you are aware, pursuant to the Guarantee Agreement, you agreed to act as a guarantor and assumed the responsibility of ensuring repayment of the loan in case of default by the Borrower. The Borrower, however, has failed to meet their obligations under the loan agreement, resulting in the Lender exercising its rights to demand payment from the guarantor, as outlined in the Guarantee Agreement. To provide you with a clear picture, as of [insert current date], the outstanding principal balance owed by the Borrower amounts to $[insert outstanding balance]. Additionally, please note that the amount due is subject to accruing interest and any associated fees or charges as outlined in the original loan agreement. We kindly request immediate payment of the outstanding balance under the Guarantee Agreement to avoid any legal actions that may be pursued by the Lender. Please remit the payment in full within [insert number of days, typically 14 days] from the date of receipt of this letter. In the event that you are facing financial hardships or require an alternate payment arrangement, we encourage you to contact us at [your contact information] promptly, so that we can discuss potential alternatives and reach an amicable resolution. Please be advised that failure to comply with this demand for payment may result in the Lender pursuing legal action against you to enforce the terms of the Guarantee Agreement, which may lead to additional costs and potentially damage your credit rating. To facilitate a smooth resolution, we kindly request that you respond to this letter in writing, acknowledging your receipt and intentions regarding the outstanding payment amount. Thank you for your immediate attention to this matter. We trust that you will honor your obligations as the guarantor under the Guarantee Agreement and settle the outstanding balance without any further delay. Should you have any inquiries or require further clarification, please do not hesitate to reach out to us at [your contact information]. Yours sincerely, [Your Name]

[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Guarantor's Name] [Guarantor's Address] [City, State, ZIP] Subject: Demand for Payment — Guarantee Agreement Dear [Guarantor's Name], I hope this letter finds you well. I am writing to you as the guarantor identified under the guarantee agreement dated [insert agreement date] (the "Guarantee Agreement") for the loan obtained by [Borrower's Name] (the "Borrower") from [Lender's Name] (the "Lender"). The purpose of this letter is to formally demand payment of the outstanding balance owed by the Borrower under the aforementioned Guarantee Agreement. As you are aware, pursuant to the Guarantee Agreement, you agreed to act as a guarantor and assumed the responsibility of ensuring repayment of the loan in case of default by the Borrower. The Borrower, however, has failed to meet their obligations under the loan agreement, resulting in the Lender exercising its rights to demand payment from the guarantor, as outlined in the Guarantee Agreement. To provide you with a clear picture, as of [insert current date], the outstanding principal balance owed by the Borrower amounts to $[insert outstanding balance]. Additionally, please note that the amount due is subject to accruing interest and any associated fees or charges as outlined in the original loan agreement. We kindly request immediate payment of the outstanding balance under the Guarantee Agreement to avoid any legal actions that may be pursued by the Lender. Please remit the payment in full within [insert number of days, typically 14 days] from the date of receipt of this letter. In the event that you are facing financial hardships or require an alternate payment arrangement, we encourage you to contact us at [your contact information] promptly, so that we can discuss potential alternatives and reach an amicable resolution. Please be advised that failure to comply with this demand for payment may result in the Lender pursuing legal action against you to enforce the terms of the Guarantee Agreement, which may lead to additional costs and potentially damage your credit rating. To facilitate a smooth resolution, we kindly request that you respond to this letter in writing, acknowledging your receipt and intentions regarding the outstanding payment amount. Thank you for your immediate attention to this matter. We trust that you will honor your obligations as the guarantor under the Guarantee Agreement and settle the outstanding balance without any further delay. Should you have any inquiries or require further clarification, please do not hesitate to reach out to us at [your contact information]. Yours sincerely, [Your Name]