Loan Modification Hardship Letters - Three Must Know Factors That Will Make Or Break A Decision
If you as a homeowner are in desperate need of a financial break
, it is imperative that you have the knowledge and know how to create a loan modification hardship letter. You will need to be able to effectively communicate your situation and why you need this option. Here are three must know topics that must be communicated to your bank.
1. Give a quick synopsis of why you are in your current situation that is preventing you from fulfilling your previous loan arrangements. Be sure to give detailed descriptions of what has led to your financial difficulties.
2. Make sure the bank knows when the troubles first started, and how long the situation may continue. The idea is to cover all of your bases so that if any previous slip ups on the account caused by the situation can be explained, and future service fees and charges can be avoided.
3. Set up a new game plan that will ensure the bank that you will be able to accommodate any new payment schedule that would be set up. Make sure they are confident in the fact that this new setup will be something that you can manage. Be sure to to explain what sacrifices that you are making so that you will be able to fulfill this new obligation.
Don't forget, this is your chance to communicate to the bank your story and how important your loan modification hardship letter is to you. Don't leave out any details that will put the banker on your side and make them more confident and sympathetic to your plight. If you are in a desperate situation, let it be known that this may be the only way of being able to continue to support your family