Sample letter for hardship loan modificationhardshipsletter

#Sample letter for hardship loan modificationhardshipsletter how to#

This is where you start to give some background to your hardship. At the end of this brief section, you also start to make a case for why you should be helped. The sooner you get into why you are writing, the better. Naturally, you should introduce yourself, but donвЂ™t spend too much time on this. You want to get right into the meat of вЂwhyвЂ™ you are writing. Usually, a reference number included at the top is enough. The only difference is that your hardship letter must contain some reference to your existing mortgage. The letter wonвЂ™t start any different from your conventional letter in the sense that youвЂ™ll still need to include your personal details, the details of who you are writing to. IвЂ™ll give you a killer outline that you can use to draft a winning hardship letter, and even if you end up getting one professionally drafted, youвЂ™ll be able to gauge its suitability and strengths. Most examples wonвЂ™t go over the more potent points that are essential for success, and even when they do, you donвЂ™t get much out of it. You must present a positive attitude with your letter as well as what your plan of action is so that you can get your finances back in control once again.ДЇinding an example of a hardship letter for a loan modification is never as straightforward as it seems.

Your hardship letter should only be a few pages or even shorter. You have to remember though, and there are a lot of other people who are applying for the loan modification program, especially with the current economic crisis. You should let your lender know just how important it is for you to be able to keep your home as well as let them know that a loan modification is the only option left that you have so you can repay your loan. However, the most important factor your letter should be is, to be honest. It is more important to be sincere with your hardship letter than to write a piece which you intend to be an eye-opener. In addition, you should be brief and concise. But at the same time, you should stick to just the basic facts. When writing your hardship letter, you must let your lender know the real story behind the downfall of your expenses. But most of all, your lender should see that you are still determined to keep your home, and it is on the top of your financial priorities. You must also let them see that through this loan modification program, you can repay your loan with them. In addition, you should also explain the reason why you require a modified loan. The important thing you must remember when writing your hardship letter is that it should depict your current financial dilemma which you are going through to your lending institution. Since there are many loan modification requests which are being denied, it is important to know how you can write a letter properly so that you do not get rejected. We are anxious to reach an agreement and appreciate your prompt response.A hardship letter is required from you since it will inform your lender of the things which he needs to be knowledgeable about. Please advise of all options available to stop foreclosure (or initiate a short sale) at your earliest convenience. Our home means a great deal to us and we desire to work with you to keep it out of foreclosure. Doing so, would help us get back on track.

We are asking for consideration to temporarily reduce or suspend our mortgage payments for a few months (or allow us to sell our home via a short sale). Therefore, we are turning to you for assistance.

#Sample letter for hardship loan modificationhardshipsletter how to#

We have every intention of paying what is owed, but at this time do not know how to accomplish this. We are concerned that we are falling further behind and will not be able to pay what is owed. At this time we do not have enough to pay our regular monthly mortgage payment. The reason we have become delinquent in our mortgage payments is my own serious illness and subsequent hospitalization. Although we have done everything possible to improve our financial situation, we are still short on the money owed to you. We appreciate the opportunity to explain the circumstances which have caused us to fall behind on our mortgage payments. We are contacting you today to request for a loan modification or short sale of our property located at (insert address, city, state ). USALender, 567 Anywhere Avenue, Suite A, Penssylvani, State 12345