Letter to the Bank requesting for mortgage relief and to suspend mortgage payment or pay only interests during the period of the coronavirus (COVID-19) crisis. This is a mortgage request letter format in word to the bank.
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The document titled 'Letter to Bank on Relief / Suspension / Moratorium on Mortgage Payment' is a formal letter addressed to a bank. It is used to request a postponement of mortgage payment in light of financial difficulties caused by the COVID-19 pandemic. The letter begins with the account holder's personal information, including their name, address, phone number, and email. If the account is associated with a business, the letter also includes the job title, company name, and company address.
The letter is structured as follows:
1. Introduction: The letter starts with a salutation addressing the bank and provides the current date. It explains the purpose of the letter, which is to request a postponement of mortgage payment due to the financial impact of the COVID-19 pandemic.
2. Request for Relief: The letter outlines the specific relief being sought. Depending on the chosen proposal, the account holder requests either a moratorium on mortgage payment or the payment of interest only during a specified period. They also request the waiver of any interest or penalties during the suspension of payment.
3. Protection of Credit Rating: The account holder emphasizes the importance of their credit rating, score, and creditworthiness not being affected by the requested relief.
4. Mortgage Payment Deadline Extension: If applicable, the account holder requests an extension of the mortgage payment deadline to a specified length.
5. Conclusion: The letter expresses gratitude for considering the request and conveys the account holder's desire to maintain a long-term relationship with the bank. Contact information is provided for any further inquiries.
Overall, this document serves as a formal request for financial assistance from the bank in light of the account holder's current financial difficulties caused by the COVID-19 pandemic.
Guidance for using the 'Letter to Bank on Relief / Suspension / Moratorium on Mortgage Payment' document:
1. Provide Personal/Business Information: Fill in the account holder's personal information, including their first and last name, address, phone number, and email. If the account is associated with a business, provide the job title, company name, and company address.
2. Address the Bank: Replace 'to bank' with the name of the specific bank and provide the bank's address.
3. Specify the Current Date: Replace 'current date' with the actual date of writing the letter.
4. Customize the Salutation: Address the bank with the appropriate salutation, such as 'Dear Sir/Madam' or the specific contact person's name if known.
5. Explain the Purpose: In the first paragraph, clearly state the purpose of the letter, which is to request a postponement of mortgage payment due to financial difficulties caused by the COVID-19 pandemic.
6. Choose the Proposal: Depending on the desired relief, select either the 'moratorium on payment' or 'pay interests only' proposal. Delete the alternative proposal that is not applicable.
7. Credit Rating Protection: Emphasize the importance of the credit rating, score, and creditworthiness not being affected by the requested relief.
8. Mortgage Payment Deadline Extension: If an extension is needed, specify the desired length of the extension in the sentence 'mortgage payment deadline extension to length'. If not applicable, delete this sentence.
9. Express Gratitude and Contact Information: Conclude the letter by expressing gratitude for considering the request and providing contact information for further inquiries. Replace 'account first name', 'account last name', 'account phone no', and 'account email' with the actual account holder's information.
Note: This document is a template and should be customized to fit the specific circumstances and requirements of the account holder. It is recommended to seek legal advice or consult with a financial professional before submitting the letter to the bank.