Writing a foreclosure letter to a client may be quite an unpleasant job but if it has to be done, it has to be done. A notice of intent to foreclose is written in the event that a client has failed to make payments owed to a mortgage or a loan company or the bank. The exact details of what goes in a letter of foreclosure depends on the individual situation.
Foreclosure notices are no-nonsense letters with little or no niceties. Since this type of letter is written only when the organization has sent multiple reminders for payments to no avail, the content and tone of the letter is usually a curt one – sometimes even mildly threatening. The idea behind writing a letter of this sort is to either scare the client into making due payments immediately, or to inform him that he risks losing his property – or both.
Depending on what the situation is, writing a foreclosure letter is pretty straightforward. All you need to do is collect the information that is required to write the letter – this will include mortgage number and details of non-payment amounts. You can also suggest obtaining counseling services for the problem at hand, wherever it is applicable. To see how an intent to foreclose letter is written, refer to the sample below:
Sample Notice of Intent to Foreclose
Grace Miller
Loan Manager
Royal RI Bank
122 Square Avenue
Coventry, RI 66525
November 24, 2016
Mr. Ronald Granger
565 Hill Farm Road
Coventry, RI 02816
Dear Mr. Granger:
After 3 written reminders dated September 12, October 5, and November 10, and countless telephone calls regarding you falling behind on your mortgage payments, we now have no choice but to send you a notice of our intent for the foreclosure of your home mortgage.
As per the terms laid out in your mortgage policy, failure to pay one or more of your monthly payments may result in you risking your home to foreclosure. Since you have signed the document, we are assured that you are aware of the consequences of such an incident taking place. If within 5 days of receipt of this letter, you do not bring your mortgage loan current, or reach a loan modification agreement with us, we will have no choice but to file a foreclosure action in the court immediately.
You have been our valued client for many years – in view of this, we would like to offer you free counseling to help you manage this situation in a way that it is favorable for both you and our bank. For further details, please contact us at (222) 222-2514.
Sincerely,
(Signature)
Grace Miller
Loan Manager
Royal RI Bank
122 Square Avenue
Coventry, RI 66525