The hardship letter for loan modification is an important tool to stop the foreclosure process.
I want to share with you, an outline for how to write a hardship letter, that could in fact help you save your home.
I will also share with you, some key points to mention in the letter.
First Part of the Letter: You want to make sure you have on your letter: Your Name & Address - Lender Name & Loan #: ( Making sure the loan company knows the letter is from you.
) _______ Now the Letter: Intro: Tell the mortgage company the reason why you are behind on your payments.
Explain your hardship.
(Some of the accepted hardships are: Divorce or Separation, Loss of Income, Death in Family, Adjustable Rate Reset-Payment Shock, Military Duty, Job Relocation, Medical Bills, Failed Business, Death in Family, etc...
) Explain how you would like to stay in your home, and pay an amount that you can realistically pay.
Paragraph 2: Go more into detail what you have done to move forward from your hardship.
Make a quick bullet - Next Paragraph you will go into more detail.
*Example: You have cut down significantly on monthly expenses.
(Show you can make that payment and continue to make the payment.
) Final : Make a reinsurance that you will pay the new modified loan amount.
Then end the letter letting them know you are looking forward to working with them.
Sign and Date the bottom of the letter.
_____ My desire for you is to be able to write and feel confident writing a letter to your mortgage company, so you can save your home.
I hope these step-by-step tips for writing a hardship letter for loan modification, truly helps.