Loan Modification – How to Write Your Hardship Letter
When applying for loan modification, you need to document your hardship in a separate hardship letter. Loss mitigation departments are usually overwhelmed by requests for loan modification, foreclosure issues and short sale requests. You therefore want to avoid sending them a ten-page sentimental letter explaining to them the sweet memories you have of your home and why you do not want to lose it. By adhering to the following points, you should be able to turn in a letter that commands the attention of the loss mitigation department.
- Handwrite your letter. Handwritten letters stand out. They are rare and will therefore attract attention. People tend to relate more to handwritten notes than type written letters.
- Keep it short, use simple language and get to the point quickly.
- Keep to an acceptable hardship; the following are examples of recognized hardships:
- Adjustable Rate Mortgage Reset-Payment Shock
- Borrower Illness
- Borrowers Family Member Illness
- Curtailment of Income
- Job Loss
- Property Abandonment
- Property Problem
- Inability to Sell the Property
- Inability to Rent the Property
- Mortgage Servicing Problems
- Transfer of Ownership Delays
- Reduced Income
- Failed Business
- Job Relocation
- Death of the Borrower
- Death of Spouse or Co-Borrower
- Death in the Family
- Incarceration
- Divorce
- Marital Separation
- Military Duty
- Medical Bills
- Damage to Property (natural disaster or unnatural)
Since the onset on the sub prime crisis in the US, loan modifications have helped many Americans keep their homes. If you are struggling with your mortgage and are looking for a way to lower your monthly payments, find out more about how to go about getting your loan modified here.
No related posts were found, so here's a consolation prize: Getting the Best Home Equity Loan is Easy.
nice post…