| 3 Important Steps for writing a Loan Modification Hardship Letter |
If your mortgage payments are unaffordable, you may feel like you're at a dead end with no options. You're not! You may find an option with writing a brief letter to your lender for Loan Modification due to Hardship. Your lender can look at the circumstances involved in your life and decide if you are a good candidate for loan modification. Lending institutions are often willing to help out during hard times because you are an investment to them.
There are 3 key elements that your lender must know, so follow this outline when creating your letter!
1) What is the cause of the hardship? Have you recently become unemployed or recently found yourself with reduced income? Have you been involved in an accident? This is your chance to tell the bank exactly how your situation has recently changed. Be detailed, by making sure to include the dates of your hardship, but also brief.
2) Explain how your circumstances will affect your ability to pay on your loan. If you have already missed a payment or paid a partial payment, be sure to include the dates of your hardship. That way the bank can understand that you are having problems paying specifically because of what you listed in the first step. If you have not missed a payment, but your change of circumstance will cause you to do so, make sure to explain when you feel that you will become delinquent in your payment to your lender.
3) What is your game plan? As you go through your hardship, what are your pathways to recovery? Share it with the bank! Are you eliminating "family night out" or cutting back on expenses with other debts? Make sure to include the "how's and when's" of when you feel that you will be back on your feet financially.
Your loan modification hardship letter is your chance for change! This is your chance to have your bank see you as a person rather than just a paycheck. Make sure to show your bank why you staying in your home is important to you by include a few details about your family, your community involvement, or your proximity to your job. Be brief and concise, follow the 3 steps, and good luck to you!
For essential tips and facts about how to get approved for a Mortgage Modification, Visit our simple, no nonsense loan modification guide and resource: http://MortgageModificationLoan.net/
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