Tips on how to put together a hardship letter for a mortgage modification
Tips on how to put together a hardship letter for a mortgage modification
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Home Page > Finance > Real Estate > Tips on how to put together a hardship letter for a mortgage modification
Tips on how to put together a hardship letter for a mortgage modification
Posted: May 12, 2010 |Comments: 0
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When applying for a loan modification the most important part of the process is the loan modification hardship letter. Mortgage companies base their decisions on what your personal situation is, and they only know what you tell them. They pay close attention to what you express in your hardship letter. Since your chances of qualifying for a mortgage modification are dependent on what your hardship letter says, it is pertinent that you learn how to compile the best possible loan modification hardship letter.
The tips listed here will help you write a compelling hardship letter.
1. Reflect on your situation – what is it that has caused you financial hardship? List whatever comes to mind. Explain any job loss, medical bills, increased property taxes, inflated interest rates, divorce, and automobile repair costs. Anything that has negatively effected your financial situation is a viable reason and is worth listing. A good general rule is to have at least 5 reasons.
2. Examine your list – Find your most obvious reasons that have had the most profound effect on your financial status. Put yourself in the banks place. Which hardships would you consider to be the most critical? Select 3 or 4 of these hardships, focus on them and explain in specific detail why these factors are affecting you.
3. Be brief and precise- Make your hardship letter concise and to the point. Hardship counselors look at a lot of hardship letters, they do not want to have to search thru unnecessary details to find the reasons. Do not obliterate them with a long winded explanation of your problem.
Your letter should appear similar to the one listed here.
Mortgage Company ABC
123 Finance St Ny, NY 11111
XXX-XXX-XXXX phone XXX-XXX-XXXX fax
1/1/09
Re: Request for loan modification of loan number1234456 on 1234 house lane, Ny, Ny 11111
Dear mortgage company representative,
My wife left me, my truck broke down and I got laid off. My entire world has changed since I bought my home in September 2002. (List whatever your financial situation is. Remember to keep this brief, but let them know what changes have happened since you first took out your mortgage.)
My area has been hit badly by the current instability of the real estate market and the increase of property taxes. (Explain conditions that pertain to your particular geographic area. List what changes have occurred to property values. Be sure to inform them of how many foreclosures have occurred in your area. List anything that supports your case.)
In the remaining paragraphs list and explain in detail each hardship that you had listed on your hardship list. Be sure to be as detail oriented and specific as possible in explain these hardships and their effect, but remember to be brief.
Your final paragraph should clearly express that you cannot pay and that you need to modify your mortgage. Express that you do not want to loose your home and that you need their help to make your mortgage affordable.
Your contact information
Your agents contact info
Sign it and date it.
When your hardship letter is complete give it to your agent, attorney or bank. It is highly recommended that you seek some professional assistance in approaching your mortgage company. Be sure to find a reputable agency to assist you.
Discover how you can ethically modify your home mortgage loan and save as much as 47% off your current mortgage payment in as little as 60 days without refinancing? For your FREE CD, FREE e-book, and FREE coaching call with Mortgage Modification Expert and Business Man of the Year Billy Alvaro visit our website Saint Jude’s Mortgage Rescue
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Discover how you can ethically modify your home mortgage loan and save as much as 47% off your current mortgage payment in as little as 60 days without refinancing? For your FREE CD, FREE e-book, and FREE coaching call with Mortgage Modification Expert and Business Man of the Year Billy Alvaro visit www.RescuedBySaintJude.com Saint Jude’s Mortgage Rescue
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