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Some examples of events that a lender may consider to be a financial hardship include: Layoff or reduction in pay. New or worsening disability. Serious injury. Serious illness. Divorce or legal separation. Death. Incarceration. Military deployment or Permanent Change of Station orders.
Dear Madam, I am Nisha Mittal, and I currently have a home loan against my account number (mention your account number). I want to foreclose my home loan this month by paying the outstanding amount in a single payment. I have paid 8 EMIs as of now, and there are 5 EMIs pending until this year.
EVENTTIME PERIOD1. Default on the LoanBegins the possible foreclosure process. 12-16 months left in the property.13 more rows
ICICI Bank will send the Foreclosure Statement to your email ID within 3-5 business days from the day of request. The Preclosure Statement will contain the details about the outstanding principal amount and the applicable charges that you have to pay before closing the loan.
There are often two main reasons for financial hardship : 1. You could afford the loan when it was obtained but a change of circumstances has meant you can no longer afford the repayments; or 2. You could not afford to repay the loan when it was obtained. If this is the case, get legal advice immediately.

People also ask

How to Write a Hardship Letter The Ultimate Guide Hardship Examples. There are a variety of situations that may qualify as a hardship. Keep it original. Be honest. Keep it concise. Dont cast blame or shirk responsibility. Dont use jargon or fancy words. Keep your objectives in mind. Provide the creditor an action plan.
Proving an economic hardship often requires a lot of paperwork as evidence. Evidence often submitted with an application include things like: proof of income (pay stubs, offer letter, etc.) proof of other income (e.g., alimony, child support, disability benefits) an expense sheet laying out all your expenses.
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.
Phase 1: Payment Default Payment default occurs when a borrower has missed at least one mortgage paymentalthough the technical definition can vary by lender. After missing the first payment, the lender will docHub out via a letter or telephone.
How To Write A Hardship Letter: 7 Tips Include accurate contact information. Be personal, but keep it semi-formal. Keep the letter short and concise. State the problem. Provide enough evidence. Include an action plan. Have your letter reviewed before sending.

sample foreclosure letter