3546,James street,RichardBoulevard,Illinois, Chicago
Mr Alex Mathew, Lender, Illinois,Chicago
Loan number: abcd/Homers/2008-09
To Whom It May Concern:
I am constrained to bring to your notice of my inability to pay the installments in view of my recent car accident which resulted in my becoming permanently disabled and hence unable to continue my employment as my job involves extensive traveling, both within and outside the city.
The house I bought with funds lent by you is my long cherished dream of life and I regret to have encountered this unfortunate misshapenness in my life. With some superannuation benefits my employer would oblige me with, the funds available will be too short to keep up my commitment to continue pay the mortgage any more. Now I am left with no alternative except to seek your assistance in considering modifying my loan but to keep away from short selling at a loss and render me homeless.
I am exploring the possibility of starting my own business sitting at home and a few friends of mine have assured me every help in setting up the same and complete all the legal formalities and I hope within a short span of time, say 5 years, I should be able to break even and commence repaying my dues. Till such time, I shall be grateful if you can work out a suitable working plan so that I do not have financial hardship.
I would have approached with the above submission but because of hospitalization elsewhere some 500 miles away, there was no mode of communication available for me to inform you. However, I have every intention of paying up my dues fully and get fully discharged of my debts.
I am prepared to enter into whatever agreement you want me to enter so that your institution is not put to hardship and you are also able to save your skin in doing favour to your organization more than what you are doing for me. Therefore, please be considerate on compassionate grounds in working out a model that is quite convenient for me to accept and abide by the same.