Subject: Request for Verification of Debt and Cease Foreclosure — Urgent Matter [Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Foreclosure Attorney's Name] [Law Firm's Name] [Address] [City, State, ZIP] Re: Verification of Debt and Request to Cease Foreclosure Proceedings on [Property Address] Dear [Foreclosure Attorney's Name], I hope this letter finds you well. I am writing to you as the homeowner of the above-mentioned property, which is currently facing foreclosure proceedings. I kindly request your immediate attention and verification of the debt in question, as well as an immediate halt to any ongoing foreclosure actions. Having recently received notices and letters regarding the foreclosure, I believe it is crucial to ensure that all required legal procedures and documentation have been accurately and lawfully executed. In light of this, I am seeking your assistance in verifying the legitimacy of the debt claimed against me and halting any further foreclosure proceedings until this crucial verification process is completed. As a responsible homeowner, I am fully committed to addressing my financial obligations. However, it is equally important to ensure that the foreclosure proceedings adhere to all applicable laws and regulations, protecting the rights of all parties involved. Proper verification of the debt is crucial in this process, as it ensures the accuracy and legitimacy of the claimed amount. Therefore, I kindly request that you provide the following documentation for review within [insert a reasonable timeframe, such as 15 days]: 1. Verification of Debt: Please provide detailed information regarding the origination of the debt, including the original creditor's name, the date of the debt's creation, and any subsequent assignments or transfers of the debt. Additionally, please include a complete payment history, sum of unpaid principal balance, interest rates, and any applicable fees or charges. 2. Validation of Loan Documents: Please provide all loan documents that establish the validity and enforceability of the mortgage or deed of trust, including the promissory note and the mortgage agreement. 3. Chain of Title Documents: Kindly provide all relevant documents outlining the chain of title, demonstrating that the foreclosing party has lawful authority to initiate foreclosure proceedings against my property. Upon receipt of the requested documentation, I will promptly review it with my legal counsel to ensure compliance with all necessary requirements. Until this verification process is completed, I understand that all foreclosure proceedings must cease as required by law. I kindly request that you acknowledge the receipt of this letter within five days, providing me with a tentative timeline for delivering the requested documents. Additionally, any communication or updates regarding the foreclosure proceedings should be directed to me in writing. I trust that you understand the importance of proper verification and your role in assuring a fair and legal resolution to this matter. I hope we can resolve this situation cooperatively and in a timely manner, ensuring that the rights of all parties involved are respected. Thank you for your attention to this urgent matter. I look forward to receiving your response soon. Sincerely, [Your Name]
New Mexico Sample Letter to Foreclosure Attorney to Provide Verification of Debt and Cease Foreclosure
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FAQ
If the collection agency failed to validate the debt, it is not allowed to continue collecting the debt. It can't sue you or list the debt on your credit report. Why request validation, even if you're ready to pay and you know it's your debt? Simple.
The debt validation letter must include at least the following information: The amount of debt owed. The name of the creditor to whom the debt is owed. A statement of notice that the debt will be considered valid by the debt collector unless the consumer disputes it within 30 days of notice.
State the amount of the debt when you obtained it, and when that was. If there have been any additional interest, fees or charges added since the last billing statement from the original creditor, provide an itemization showing the dates and amount of each added amount.
While debt validation requests can be a useful tool, they are not effective at resolving the issue. In most cases, creditors and collection agencies are able to provide the necessary documentation to prove the validity of the debt.
Send the agency a letter by mail asking them to confirm their debt in writing. Search for the company name on the internet, review their website, call their number, etc. Do your homework. If they refuse to answer all of your questions, there's a good chance you're in the middle of a scam.
It's generally easier for first-party creditors to prove you owe a debt. They simply produce the original credit agreement that shows your name and identifying information, like your address and Social Security number.
Collectors who don't send these letters could get in trouble with the Federal Trade Commission (FTC) if you file a complaint against them. To formally request debt validation, start by sending a letter via certified mail to the debt collector ? LendingTree's debt validation letter template can help you get started.
If you don't dispute the debt within 30 days, the debt is assumed valid. That means the debt collector can continue to contact you. You can still send a dispute after 30 days. But at that point, the debt is considered valid, and a debt collector is still legally allowed to continue contacting you.
