Maryland Sample Letter for Reinstatement of Loan - Compromise of Matter

• Category: Letters - Loans and Lending - Reinstatements
• State: Multi-State
• Control #: US-0744LTR
• Format: Word; Rich Text

Description

This form is a sample letter in Word format covering the subject matter of the title of the form. [Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date] [Contact Name] [Loan Officer] [Bank Name] [Bank Address] [City, State, ZIP Code] Subject: Request for Reinstatement of Loan — Compromise of Matter Dear [Contact Name], I hope this letter finds you in good health and high spirits. I am writing to discuss the current issue I am facing regarding my loan [loan account number] with [Bank Name]. I regret to inform you that due to unforeseen circumstances, I have fallen behind on my loan payments, which has led to the account being placed in default. Furthermore, I want to assure you that I am committed to rectifying this situation in a fair and mutually beneficial manner. After carefully reviewing my financial position, I have come up with a viable plan to reinstate the loan and settle the outstanding balance. I kindly request your assistance in reconsidering my loan and entering into a compromise of matter agreement. I have conducted extensive research on the subject and understand that the state of Maryland offers options for individuals to work towards a compromise of matter, which allows borrowers to reach a favorable settlement with their creditors. With the goal of resolving this matter, I have prepared a proposed compromise plan that I believe will be beneficial for both parties involved. Outlined below are the terms of the proposed compromise plan: 1. Repayment Schedule: I propose a revised repayment schedule to clear the outstanding balance over a period of [specify time]. This will enable me to make regular and affordable payments, ensuring timely and consistent progress towards repayment. 2. Interest Rate Adjustment: Considering the current financial challenges faced by many, I kindly request a temporary reduction in the interest rate for the duration of the repayment plan. This adjustment will alleviate some burden and enable me to meet my financial obligations more effectively. 3. Waiver of Late Fees: To incentivize adherence to the revised repayment plan, I kindly request the waiver of any late fees incurred due to the previous delinquency. This will help me focus entirely on repaying the principal amount and facilitate a faster resolution of the situation. 4. Reporting to Credit Bureaus: Once the compromise of matter agreement is reached, I kindly request that any negative information related to the default and delinquency be removed from my credit report. This will allow me to rebuild my credit score and financial standing. I understand that my current circumstances have caused inconvenience to the bank, and I genuinely apologize for any inconvenience caused. I assure you that this situation is only temporary, and I am fully committed to fulfilling my financial obligations. Furthermore, I kindly request your prompt consideration and review of my proposal, as it will provide both parties with a fair and amicable solution. Furthermore, I believe that through this compromise, we can strengthen our relationship and resolve this matter satisfactorily. Furthermore, I have attached all supporting documents, including my written proposal, financial statements, and any other required forms. If there are any additional documents or information required, please notify me promptly, and I will provide them. Thank you for your understanding and consideration. I eagerly await your positive response and look forward to working together to reinstate my loan and settle this matter in the best interest of all parties involved. Should you have any questions or require any further information, please do not hesitate to contact me via email or phone at your convenience. Thank you for your time and attention. Sincerely, [Your Name]

[Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date] [Contact Name] [Loan Officer] [Bank Name] [Bank Address] [City, State, ZIP Code] Subject: Request for Reinstatement of Loan — Compromise of Matter Dear [Contact Name], I hope this letter finds you in good health and high spirits. I am writing to discuss the current issue I am facing regarding my loan [loan account number] with [Bank Name]. I regret to inform you that due to unforeseen circumstances, I have fallen behind on my loan payments, which has led to the account being placed in default. Furthermore, I want to assure you that I am committed to rectifying this situation in a fair and mutually beneficial manner. After carefully reviewing my financial position, I have come up with a viable plan to reinstate the loan and settle the outstanding balance. I kindly request your assistance in reconsidering my loan and entering into a compromise of matter agreement. I have conducted extensive research on the subject and understand that the state of Maryland offers options for individuals to work towards a compromise of matter, which allows borrowers to reach a favorable settlement with their creditors. With the goal of resolving this matter, I have prepared a proposed compromise plan that I believe will be beneficial for both parties involved. Outlined below are the terms of the proposed compromise plan: 1. Repayment Schedule: I propose a revised repayment schedule to clear the outstanding balance over a period of [specify time]. This will enable me to make regular and affordable payments, ensuring timely and consistent progress towards repayment. 2. Interest Rate Adjustment: Considering the current financial challenges faced by many, I kindly request a temporary reduction in the interest rate for the duration of the repayment plan. This adjustment will alleviate some burden and enable me to meet my financial obligations more effectively. 3. Waiver of Late Fees: To incentivize adherence to the revised repayment plan, I kindly request the waiver of any late fees incurred due to the previous delinquency. This will help me focus entirely on repaying the principal amount and facilitate a faster resolution of the situation. 4. Reporting to Credit Bureaus: Once the compromise of matter agreement is reached, I kindly request that any negative information related to the default and delinquency be removed from my credit report. This will allow me to rebuild my credit score and financial standing. I understand that my current circumstances have caused inconvenience to the bank, and I genuinely apologize for any inconvenience caused. I assure you that this situation is only temporary, and I am fully committed to fulfilling my financial obligations. Furthermore, I kindly request your prompt consideration and review of my proposal, as it will provide both parties with a fair and amicable solution. Furthermore, I believe that through this compromise, we can strengthen our relationship and resolve this matter satisfactorily. Furthermore, I have attached all supporting documents, including my written proposal, financial statements, and any other required forms. If there are any additional documents or information required, please notify me promptly, and I will provide them. Thank you for your understanding and consideration. I eagerly await your positive response and look forward to working together to reinstate my loan and settle this matter in the best interest of all parties involved. Should you have any questions or require any further information, please do not hesitate to contact me via email or phone at your convenience. Thank you for your time and attention. Sincerely, [Your Name]