Composing A Perfect Mortgage Modification Hardship Letter

Mortgage loan modification sanctioning is dependent on a quite a few elements but

the key ingredient that could make a difference between a successful loan deployment and a refusal is a mortgage modification hardship letter.

What is a Mortgage Modification Hardship Letter?

In a nutshell, a mortgage modification hardship letter is a detailed document that clearly indicates a borrowers financial standing and causes which are compelling a borrower for loan modification. It would not be wrong to say that a hardship letter is like a wild card that can smoothen the way for your successful mortgage modification.

There is no predetermined formula for composing a perfectly streamlined mortgage modification hardship letter; because each borrowers financial circumstances vastly vary from another but there are a few proven pointers that have unanimously worked for just about everyone.

What Should Mortgage Modification Hardship Letter Should and Shouldnt Include

Prior To Composing

Prior to composing a hardship letter, research should be undertaken by the applicants on the loan modification rules and guidelines to ascertain if they are eligible or not. The letter should be to the point and devoid of emotional aspects, keep in mind the intended audience of the letter which is loss mitigation department personnel. These people rummage through thousands of such letters received from expectant applicants, so keep the letter short precise and factual.

Actual Composition of Mortgage Modification Hardship Letter

The actual body of the hardship letter should include information which would enable fluid facilitation of your loan modification. It should include information such as:

Total amount of mortgage owed.

Particular type of mortgage undertaken.

Date of mortgage initiation.

Monthly gross income of the borrower

Status of mortgage payments

Do not forget to add information such as address of mortgaged property, mortgage number and your contact details. Like mentioned before, it is pertinent that the letter remains devoid of emotion while describing the circumstances or hardships that has compelled a borrower for loan modification but it does not mean any detail should be spared. This is the tricky part of mortgage modification hardship letter composition and the borrower needs to strike a right balance between providing details while remaining emotionally neutral. Remember that you must be descriptive without getting annoying or overbearing, include details that led to your circumstances for writing the hardship letter like joblessness, ailment, business windup, domestic disturbance etc.

It always helps to be polite and courteous. Make sure that your hardship letter gives off a nice civil vibe; remember the person reading the hardship letter cannot physically see you and is relying on the letter to best assess your situation, so it is a good idea for the letter to be humble and modest in tone.

Some of other supporting documents that a borrower could add to make his or her letter more effective are tax statements, details of interest rates being incurred and utility bills. If followed closely, these guidelines will help you to compose a well balanced mortgage modification hardship letter.

by: Muhammad Suhail

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