[Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date] [Attorney's Name] [Foreclosure Law Firm] [Address] [City, State, ZIP Code] Subject: General Demand to Stop Foreclosure — Urgent Action Required Dear [Attorney's Name], I hope this letter finds you in good health and high spirits. I am writing to you in an urgent manner regarding the impending foreclosure proceedings on my property located at [Property Address], in accordance with the [Foreclosure Case Number/Information] provided. First and foremost, I would like to bring your attention to the significant irregularities and violations in the foreclosure process that have taken place. As a homeowner, I have diligently fulfilled all my obligations, making regular mortgage payments until circumstances beyond my control impeded my ability to continue doing so. I assure you that my intention is not to evade my responsibilities, but rather to seek an equitable resolution that allows me to retain ownership of my property. I humbly request your immediate intervention to halt the foreclosure process for the following reasons: 1. Financial Hardship: Due to unforeseen medical expenses [or any other valid reason], I have faced economic hardship, which has affected my ability to meet my financial obligations. Despite my best efforts, I have fallen behind on mortgage payments, leading to the foreclosure proceedings. However, I am prepared to demonstrate my commitment to resolving this situation. 2. Loss Mitigation Efforts: I have diligently pursued loss mitigation options to avoid foreclosure. I have reached out to my lender, [Lender's Name], and submitted a comprehensive application for loan modification under the Home Affordable Modification Program (CAMP) [or any other available loss mitigation programs]. I believe that these efforts should be given due consideration before proceeding with foreclosure. 3. Legal and Procedural Irregularities: As I have researched the foreclosure process, I have come across several potential legal and procedural irregularities tied to my case. This includes possible violations of [applicable state foreclosure laws and regulations, e.g., Puerto Rico Foreclosure Laws]. I kindly request a comprehensive review of my case, specifically with regard to these potential violations. 4. Other Options for Resolution: I am open to exploring alternative options that could help resolve this situation favorably for all parties involved. This may include negotiating a repayment plan, restructuring the loan terms, or pursuing a short sale, if necessary. I believe that through dialogue and negotiation, we can arrive at a mutually agreeable resolution that meets my obligations and safeguards my rights as a homeowner. In light of the aforementioned reasons, I implore you to take immediate action and put a halt to the foreclosure proceedings against my property. I kindly request that you provide written confirmation of the suspension of the foreclosure process within [reasonable timeframe, e.g., 10 business days] from the receipt of this letter. I am hopeful that through your expertise and dedication, we can work together to find a fair and just resolution to this matter. Furthermore, I kindly request that you acknowledge the receipt of this letter in writing and provide me with a direct point of contact to discuss the progress of my case. Thank you for your prompt attention to this matter. I eagerly await your response. Sincerely, [Your Name]
Puerto Rico Sample Letter to Foreclosure Attorney - General Demand to Stop Foreclosure and Reasons
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Your Options to Avoid Foreclosure Reinstate Your Loan. ... Enter Into a Repayment Plan. ... Enter Into a Forbearance Agreement. ... Refinance. ... File for Chapter 7 or Chapter 13 Bankruptcy. ... Give Up Your House In a Short Sale or Deed in Lieu of Foreclosure. ... Workouts for Government-Backed Mortgages. ... Getting Help.
While it is possible for a US-based bank or mortgage company to provide financing for the purchase of property in Puerto Rico, there are some reasons why it may be more advantageous to use a mortgage company based in Puerto Rico.
Foreclosures in Puerto Rico go through a judicial process in the court system. The lender initiates the foreclosure by filing a brief in court, along with certain documents. The brief must contain an exact breakdown of the following: the principal balance owed.
Follow these simple steps to foreclose your home loan Inform the lender. Lenders have hundreds of loans running simultaneously. ... Get all the paperwork in order. ... Assessment of payments. ... Get a NOC. ... Remove Lien on the property. ... Retrieve security cheques. ... Get a New Encumbrance Certificate (EC) ... Retrieve the documents.
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.
To accomplish this, a power of sale clause is added to the mortgage, or deed of trust, which gives a third-party trustee the right to sell the property in the event the borrower does not make their payments. Given this clause, non-judicial foreclosures are sometimes referred to as foreclosure by power of sale.
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.
