Skip to main content

Loan Modification Hardship Letter


If your mortgage payments are simply not affordable anymore, as for mortgage renegotiation

If you are in danger of losing your home to foreclosure, please know that there is an alternative available to you. Mortgage loan modification could help prevent a foreclosure. If you take advantage of this route, one of the first things you'll need in the home loan modification process is a well-written hardship letter. This is formally called a "loan modification hardship letter." This is a letter addressed to your lender explaining the reason for being unable to meet your monthly mortgage payments. In a hardship letter, you need to be exact, to-the-point, and honest. Spinning your situation is not advisable.

What is Included in a Loan Modification Hardship Letter?

A loan modification hardship letter tells your lender what financial adversity caused your situation and petitions for a solution to your financial hardship. People write hardship letters for a lot of different reasons, but the two most common are to ask for loan restructure or to request short sale in lieu of foreclosure.

If your hardship letter is to request loan modification, remember that lenders truly want to figure out and understand what caused you to default on your mortgage. The way you write your letter can literally be the difference between obtaining a modification and being denied. Writing with the tips below in mind will help you write an effective hardship letter that gets your point across and gives you the best odds for a successful modification.

  • Be Exact. While you're explaining your financial hardship, keep it short and sweet. Respect the time of the mitigation specialist's time and keep your letter to under two pages.
  • Sound Professional. State the facts, use concrete language, and support your statements with numbers. Put forth your idea for a good loan modification.
  • Take Responsibility. The main goal of a hardship letter is to tell the lender that you're a responsible applicant who will successfully make regular payments on a modified loan. In your letter, try to get across that you are a reliable homeowner and that all you need is another chance to prove it. Your number one commitment is to stay in your home.

Labels:

Comments

Post a Comment

Popular posts from this blog

Recommendation Letter Writing Tips

When writing a letter of recommendation from your goal should be to provide a fair trial, but positive for the applicant's skills, character and qualities. Before starting to write a letter of recommendation , take some time and plan what you mean. Here are some tips to make your task easier. Please indicate your relationship to the applicant Start the letter explaining how you know the applicant. Is important. If you are not familiar with the applicant, not supposed to write a letter of recommendation from her. What type of relationship with the applicant - personal or professional? Why do you think this applicant stands out from the rest of his caliber? You must also state your qualifications for writing the letter of recommendation . List the skills of the applicant Once explained his relationship with the applicant, which should list the applicant's skills and qualifications that make you a suitable candidate for the position you have applied for. Write ...
3 comments
Read more

How to Write a Good Family Reunion Invitation Letter

Family reunions are wonderful occasions for far-flung clans or those family members who haven't met yet. Writing a reunion letter is an important step in setting up such a major event. The letter gives family members essential reunion details vital to their planning. A good letter, according to the website Family Reunion, will be informative and to the point. Be engaging and kind, but be clear. 1. Open a word document and begin formatting the letter. Be somewhat formal; for example, write "Smith Family Reunion Invitation" on the top in a large, bold font. Skip a line and start by clearly stating your intentions. Some family members who haven't heard from one another in some time may be startled, according to Family Reunion. Don't write, "I was thinking we should get together." Instead, try, "It is my pleasure to invite you to the Smith family reunion, which will be held Sept. 18, 2010, at the Royal Hall in Brooklyn, New York." This will...
Post a Comment
Read more

Business Letter Format

Your Address The return address of the sender so the recipient can easily find out where to send a reply to. Skip a line between your address and the date. Date Put the date on which the letter was written in the format Month Day Year i.e. August 30, 2003. Skip a line between the date and the inside address. Inside Address The address of the person you are writing to along with the name of the recipient, their title and company name, if you are not sure who the letter should be addressed to either leave it blank, but try to put in a title, i.e. "Director of Human Resources". Skip a line between the date and the salutation. Salutation Dear Ms./Mrs./Mr. Last Name:, Dear Director of Department Name: or To Whom It May Concern: if recipient's name is unknown. Note that there is a colon after the salutation. Skip a line between the salutation and the subject line or body. Subject Line Makes it easier for the recipient to find out what the letter is about. Skip a ...
Post a Comment
Read more