Sample Bank Foreclosure Letter
When banks foreclose on homes they must follow your state's foreclosure laws which includes sending a "foreclosure breech letter" similar to the one shown here prior to taking any other actions.
Foreclosure Letter Sample Breach
Re: Loan #
You have fallen behind on your mortgage payments. You must bring the mortgage current within 30 days of the date of this letter by sending the amount shown below to [company name} in the form of a money order or certified check.
The total amount due as of [date] is $___________.
To bring your account current, you must also include with the above payment, any payments or late charges that are due during this 30-day period. Acceptance of less than the total amount due includes, but is not limited to, the principal and interest and all other outstanding charges and costs. Acceptance of less than the total amount due does not waive our right to demand the entire balance due under the terms of your mortgage agreement.
If you do not bring your loan current within 30 days of the date of this letter, [name of company} will demand the entire balance outstanding under the terms of your mortgage agreement. This amount includes, but is not limited to, the principal and interest and all other outstanding charges and costs. [Name of company] will start legal action to foreclose on the mortgage, which will result in the sale of the property. We may also have the right to seek a judgment against you for any deficiency after the home is sold.
You have the right to bring your loan current after legal action has begun. You also have the right to assert in the foreclosure proceeding the nonexistence of the default or any other defense to our legal action and sale of the property.
We want to work with you to resolve the problem and help you bring your account into good standing. We urge you to contact [name] at [telephone number] who will work with you to try to solve your current difficulty.