A “Sample Letter To Remove Someone From Mortgage Loan” is a formal request. It asks a lender to take someone off a mortgage. People write it after divorce, or a property transfer. It’s also used when a co-borrower no longer wants to be responsible.
Need to write such a letter? You’re in the right place. We’ve got you covered with templates. These samples will make writing your letter easy.
This article provides sample letters. Use them as a guide. Tailor them to fit your specific situation.
Sample Letter To Remove Someone From Mortgage Loan
**Sample Letter To Remove Someone From Mortgage Loan**
[Your Name]
[Your Address]
[Your City, State, Zip Code]
[Your Email Address]
[Your Phone Number]
[Date]
[Lender’s Name]
[Lender’s Address]
[Lender’s City, State, Zip Code]
**Subject: Request to Remove [Name of Person to be Removed] from Mortgage Loan Account [Mortgage Account Number]**
Dear [Lender’s Name],
I am writing to formally request the removal of [Name of Person to be Removed] from the mortgage loan associated with the property located at [Property Address]. The mortgage loan account number is [Mortgage Account Number].
[Name of Person to be Removed] is currently listed as a co-borrower on this mortgage. Due to [briefly state reason, e.g., divorce, separation, etc.], we require their removal from the loan agreement.
I understand that the removal of a borrower is subject to your review and approval. I am prepared to provide any necessary documentation to support this request, including but not limited to financial statements, credit reports, and legal agreements.
I kindly request you to inform me of the specific requirements and procedures for processing this request. Please let me know what forms need to be completed and what supporting documents are required.
I can be reached at [Your Phone Number] or [Your Email Address] to discuss this matter further.
Thank you for your time and attention to this request.
Sincerely,
[Your Name]
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How to Write Letter To Remove Someone From Mortgage Loan
Subject Line: Conciseness is Key
* Begin with clarity. Your subject line should explicitly state the purpose of your letter. For instance: “Request to Remove [Name] from Mortgage Loan – Account Number [Your Account Number]”.
* Avoid ambiguity. Steer clear of vague wording. The subject should immediately apprise the recipient of the letter’s intent.
Salutation: Setting a Respectful Tone
* Address the correct recipient. Identify the mortgage lender or loan servicer representative. If known, use their name; otherwise, “To Whom It May Concern” is acceptable.
* Maintain formality. A respectful salutation establishes a professional tenor for your communication.
Introduction: State Your Purpose Forthrightly
* Clearly articulate your request. In the opening paragraph, explicitly state that you are requesting the removal of a specific individual from the mortgage loan.
* Include pertinent details. Reference the property address and loan account number for unequivocal identification.
* Briefly allude to the reason, but save specifics for later. “Due to altered circumstances,” for example, can suffice.
Body Paragraph 1: Elucidate the Circumstances
* Provide a succinct explanation. Detail the reason for the requested removal, whether it be divorce, transfer of ownership, or other pertinent factors.
* Be forthright but professional. Eschew emotional language and remain objective.
* Offer supporting documentation. Mention that relevant documents, such as a divorce decree or quitclaim deed, are enclosed or will be provided upon request.
Body Paragraph 2: Financial Capacity & Assurances
* Demonstrate your ability to assume the loan independently. Furnish evidence of your financial solvency, such as income statements or credit scores.
* Reassure the lender. Express your commitment to fulfilling the loan obligations and maintaining the property.
* Propose solutions, if applicable. If you are refinancing or making additional payments, mention those initiatives.
Closing: Courteous Conclusion and Contact Information
* Express gratitude for their consideration. A simple “Thank you for your time and consideration” is adequate.
* Reiterate your contact information. Provide your phone number and email address for ease of communication.
* Indicate your availability. State that you are available to answer any questions or furnish additional documentation.
Signature: Formal Endorsement
* Sign your name legibly. Print your name beneath your signature.
* Include the date. Ensure the date is current.
* Retain a copy. Always keep a copy of the letter for your records.
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Frequently Asked Questions: Removing Someone from a Mortgage Loan
Removing a borrower from a mortgage loan requires careful consideration and adherence to specific procedures. This FAQ provides answers to common questions regarding the process and requirements.
What is a sample letter to remove someone from a mortgage loan used for?
A sample letter serves as a template for formally requesting the lender to remove a borrower’s name from a mortgage loan. It outlines the reasons for the request and provides necessary borrower information.
What information should be included in the letter?
The letter should include the names of all borrowers, the property address, the loan account number, a clear statement of the request to remove a specific borrower, and a justification for the removal.
Does sending the letter guarantee removal from the mortgage?
No, sending the letter is just the first step. The lender will review the request and assess the remaining borrower’s ability to repay the loan independently. Approval is not guaranteed.
What are the common reasons for a lender to deny the request?
Lenders may deny the request if the remaining borrower does not meet the creditworthiness or income requirements to qualify for the loan on their own, or if the loan is underwater (i.e., the outstanding balance exceeds the property’s value).
What alternatives exist if the lender denies the request?
Alternatives include refinancing the mortgage in the name of the remaining borrower, selling the property and paying off the mortgage, or exploring other financial arrangements with the departing borrower.