How to write a hardship letter for mortgage loan modification

My payments for that first year were on time. But at this time we have exhausted all of our income and resources so we are turning to you for help.

How Not to Write a Loan Modification Hardship Letter

I am writing this letter to request a mortgage modification that will allow me to continue to make my mortgage payments. Eliminate all unnecessary details and keep only those that are relevant to your case. In addition to a decade in mortgage lending, she has worked as a business credit systems consultant for Experian and as an accountant for Deloitte.

I can be reached at xxx xxx-xxxx or by email at xxx xxxx. I am writing this letter to explain my unfortunate set of circumstances that have caused me to become delinquent on my mortgage.

I was told that after the first year of payments, I would be able to refinance to a better fixed rate -- then the bottom fell out of the industry.

Our number one goal is to keep our home and we would really appreciate the opportunity to do that. The Doctor Office would not see me, unless I had full payment at each visit.

Is your market one of a new six where homes have finally fully recovered value lost in the Great Recession? Call for immediate assistance! Our situation is getting better because like I stated above, my husband and I have combined forces and we are working my business together in order to ensure stability and growth in our income and we feel that a loan modification would benefit us both.

Examples of a Hardship Letter

They may need to give proof that they are searching for a job, or give medical records that show they will be able to work at a specified time. Keep in mind that all you need to convince a servicer of is that your request -- whether for a forbearance, deed in lieu of foreclosure or mortgage modification -- is necessary to allow you to honor the terms of your mortgage.

Gina Pogol has been writing about mortgage and finance since It feels like catch up for those two months we fell behind on is almost impossible, I assure you we have every desire of retaining our home and repaying what is owed to Bank of America.

This, coupled with major repairs to my vehicle 93 jeep and paying out of pocket for medical and dental issues I have no ins.

Other possibilities are a failed business or a business that is suffering from an economic slowdown. Perhaps more importantly, lenders want to know how you will sustain your payments going forward, if they decide to modify your loan. There are a few things that should not be included in a loan modification letter.

I have done everything in my power to make ends meet but unfortunately I have fallen short and would like you to consider working with me to modify my loan.Sample Hardship Letter Provided by the National Consumer Law Center write the letter yourself.

It is better to try this on your own than to do nothing. Our financial information is enclosed with this letter.

If we can have a loan modification that involves payments of no more than $ per month, we know we can make it. When applying for a home loan modification, a key component of the application is the hardship letter, the homeowners’ description of the financial setbacks they’ve experienced that resulted in their inability to pay their monthly mortgage.

Jun 05,  · How to Write a Hardship Letter for Mortgage Loan Modification Three Parts: Starting Your Letter Explaining Your Hardship Perfecting the Letter Community Q&A A hardship letter is a key factor in getting approved for a loan modification program%(16).

When writing a hardship letter for a loan modification, keep in mind that lenders want to know why you have fallen behind with your mortgage payments.

Your explanation should be clear, honest, and contain just the right amount of detail.

Writing an Effective Hardship Letter

Writing a Loan Modification Hardship Letter (with Samples) Use these sample loan modification hardship letters as templates for your formal notification. A loan modification hardship letter is a formal way to request a modification to a loan.

How Not to Write a Loan Modification Hardship Letter Ina homeowner named Dan Bailey got a lot of publicity for writing a hardship letter to Countrywide's chairman, Angelo Mozilo, trying to induce the lender to approve a loan modification.

How to write a hardship letter for mortgage loan modification
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