How To Write A Loan Modification Hardship Letter
How To Write A Loan Modification Hardship Letter
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Home Page > Finance > Loans > How To Write A Loan Modification Hardship Letter
How To Write A Loan Modification Hardship Letter
Posted: Mar 24, 2010 |Comments: 0
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Learning how to write a loan modification hardship letter can provide borrowers with much needed mortgage relief. Financial hardship letters give homeowners the opportunity to provide lenders with details of events that led to financial difficulties. While loan modification approval is based largely on borrowers’ ability to pay, letters of hardship help borrowers connect with lenders on a personal level.
The act of writing a loan modification hardship letter gives borrowers the opportunity to engage in financial soul searching. Taking time to create a timeline of events can reveal problems and allow borrowers to find solutions to alter financial chaos. Additionally, a well-written debt hardship letter can convince mortgage lenders to take an in-depth look at the borrower’s loan modification application.
The first step of obtaining a mortgage loan modification involves contacting the servicing lender’s loss mitigation department. Homeowners are assigned to a specific loss mitigator who will assist them throughout the modification process. The main objective for loss mitigators is to help borrowers get on track with mortgage payments while satisfying lender requirements.
The majority of loss mitigators carry a heavy workload. In addition to loan modifications, loss mitigators also handle mortgage refinance requests, foreclosures, deed in lieu of foreclosure and short sales. The first rules of thumb when attempting to modify a home loan are to be patient, yet persistent, and to be nice to the bank loss mitigator.
Undergoing the loan modification process can be stressful. However, taking frustrations out on the person assigned to help isn’t going to help the situation. The old saying of, you can catch more flies with honey, is particularly relevant in this case. Being polite and providing requested documents in a timely fashion will go a long way toward arriving at a successful outcome.
The preferred method for writing a loan modification hardship letter is to use a business format. The borrowers’ names and address is positioned on the right side of the paper, while the lender’s mailing address is positioned on the left side.
The body of loss mitigation hardship letter is used to provide details of events which led to financial challenges. Common reasons for needing a loan modification include: divorce, loss of employment, chronic health problems, and death of a spouse.
The debt hardship letter should close with the words, sincerely or respectfully yours. Leave enough space to sign the document, then type borrower’s name and contact below the signature. If you would like a visual aid of appropriate formatting, feel free to view the foreclosure hardship letter sample published at SimonVolkov.com.
As a real estate investor, I have the privilege of learning insider secrets from bank loss mitigators and real estate attorneys. Today, I would like to share two important tips for how to write a hardship letter for loan modification.
The first tip is to handwrite the loss mitigation hardship letter instead of typing it out. If your handwriting is difficult to read, have someone else write the letter for you.
Secondly, keep the letter of hardship concise. Bank loss mitigators do not have time to read letters consisting of multiple pages. Keep the document to no longer than two written pages. Stay focused on events that caused financial challenges, along with any steps taken to rectify the problem.
In closing, remember a human being will review your loan modification hardship letter. Write from the heart, provide the facts, and keep it real.
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Simon Volkov -
About the Author:
Simon Volkov is the author of Short Sale Hardship Letter eBook Course and has helped nearly 400 borrowers obtain short sale approval. Today, he provides information on how to write a loan modification hardship letter, tips for writing a foreclosure hardship letter and reveals strategies for writing a mortgage refinance hardship letter. Additional information and resources can be found at www.SimonVolkov.com
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How many times can someone apply for the Home Affordable loan modification program?
We received a loan modification from chase. They added 18 months of past due payments plus fees to our loan. This came to over $70,000. Is there anyway to get this forgiven in bankruptsy court?
If i am employed and my husband is not . there is any possibility to get a loan modification? we are 3 months behind our mortgage
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loan modification hardship letter, how to write a hardship letter for loan modification, loss mitigation hardship letter, foreclosure hardship letter sample, mortgage loan modification, loss mitigation, bank loss mitigators, loan modification
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