Hardship Letters for Loan Modification
A hardship letter for loan modification will paint a picture of your family's current financial position
. This is the individual's opportunity to explain the circumstances that caused the hardship and the additional steps that have been taken to deal with the problem. A good hardship letter tells the lender whether your family has experienced an acceptable hardship and can assure the lender that if given the opportunity (modified payments), the individual(s) would be able to continue making the home loan payments on time going forward. Hardship letters are a pivotal piece of a successful loan modification, but most individuals do not have the knowledge of what an effective hardship letter should include.
First, describe the hardship and the circumstances that caused it. The letter should include the approximate time frame that you first began to experience difficulties. This should coincide with any late payments the individual(s) may have experienced. Additionally, the letter should include the steps have been taken to correct the situation. Provide the lender with the plan to get back "on track" and stay there. The hardship letter should assure the lender that you are a responsible homeowner who needs a second chance and that you are very motivated to save your home. There are other factors that should be included in the hardship letters for loan modification that are seldom considered. Individuals should briefly discuss their children's school or sports activities and church involvement. Lenders are concerned about maintaining the integrity of neighborhoods and communities. Therefore, facts regarding community involvement are beneficial.
Thousands of homeowners are faced with the question: "how do I best tailor my modification letter". The way the individual decides to deal with their current situation makes the difference between success and failure. In many cases it may be well advised to do research to find an experienced modification company to work with the lender on your behalf. Writing a convincing letter is just one part of the loan modification application and process. You will also be asked to show your income documentation and complete a financial statement. Before contacting your lender about a modification do your homework and contact a modification specialist.
For more information regarding hardship letters for loan modification, the loan modification process or alternatives to loan modification go to the caltexfundingresource site and search Tim Allen Resource.
Hardship Letters for Loan Modification
By: simeon knight
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