Sample Late cost Explanation Letter

Practice Problems - Sample Late cost Explanation Letter

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When you write a creditor to explain your late payments (mortgage, car, or credit card), the letter should state:

What I said. It shouldn't be the actual final outcome that the true about Practice Problems. You see this article for information on a person wish to know is Practice Problems.

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why you are late, (see paragraph 1 of the letter below) how serious you are about fulfilling your commitment to them (paragraph 2 of the letter below), and when you expect to be able to resume full and regular payments, (paragraph 3 of the letter below), what you want from them (paragraph 4 of the letter below) the financial details of your hardship (paragraph 5 of the letter below)

Below is a sample late cost explanation letter. Turn it to narrate your own circumstances, but make sure that you enclose copies of financial documents like: checking account statements, tax returns (past two years), all bills from creditors, all late notices, pink slip, anyone else that will prove your hardship.

Cindy R. Williams

9 Turnbill Ct.

Anywhere, Usa 55555

To: Abc Mortgage

Re: Late Payments; account # 12345678

Daytime phone number: (555)555-5555

I am writing to warn you of my modern financial hardship. I was laid off from my job at Xyz company just before Christmas of 2008. I am diligently seeking other employment, but as you know, jobs are scarce in today's economy. I have not found anyone yet. Being out of work has caused me to be late on my bills.

I believe in hard work and have never been without a job for more than a few months. Until this unfortunate event, I have maintained a solid cost history with you.

My goal is to pay all I owe. I take my financial obligations very seriously and plan to continue regular and full payments as soon as I find a job.

I expect my situation to be temporary and would like to discuss loan forbearance. I would also appreciate any suggestions you might have that would help me get back on track.

Please find the enclosed spreadsheet of my monthly expenses, as well as copies of financial documents, my pink slip from Xyz Co, and late notices I have received while my financial setback. I'm sending these to show that I am admittedly experiencing financial hardship. This letter and all documents attached are true and precise to the best of my knowledge.

Thank you for your time. I hope to hear from you soon.

Sincerely,

Signature/Date

Forbearance is an bargain by a creditor to cut or delay payments for a specified period of time. Interest accrues while forbearance and will growth your loan amount. The good thing is that you will not have to pay late fees and penalties. There is no negative sway on your credit either.

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