Mortgage Hardship Letter - To Get the Loan Modification Program Sanctioned
Mortgage Hardship Letter - To Get the Loan Modification Program Sanctioned
Mortgage hardship letters are given when the borrower cannot pay the money taken as loan from a lender for their houses. It has been happening to many in debt and so the government decided to announce a loan modification program to those who are in dire need. For getting a loan modification program sanctioned, a mortgage hardship letter is to be submitted. While submitting the hardship letter, it is important that they submit it the right way and with necessary details and everything needed.
A mortgage hardship letter is important because it is the stepping stone to getting the loan modification accepted. If this is not done the right way, there are possibilities of getting it rejected forever. To start writing a hardship letter, the borrower should be aware of their financial situation and it is very important as there can be cross checking by the authority. There should be valuable and valid reasons to apply for this program. Any lame excuse found in the letter can decrease the chances of the sanctioning.
The condition that caused you to write a hardship letter should be highlighted. It should be mentioned whether it is a financial crisis, losing of a job, a legal break-up between couples, death or illness of the borrower which stops the income etc. Honesty can be very helpful in cases like these. All the details should be written down carefully in an intelligible way so that it is easy for the lenders to take care of the issue better.
One should also mention whether they want to retain the house. There is a clause available in the document which lets the user keep the house and simultaneously repay the loan. The letter should be very convincing as the people reading the letter in order to sanction the loan might have read quite a number of them already and it will not make a difference for them to read one more of the same kind. The letter should be written very politely and convincingly. The borrower should make it clear that they are confident enough to repay the loan if the loan modification program is sanctioned.
While writing a hardship letter always take suggestions from professional helpers. Take help from the internet and carefully study the format of the letter. Always keep it in mind to keep the letter short and content rich.
There are certain things to be kept in mind while sending a mortgage hardship letter. Be very careful to send it by registered post. The letter should sound very positive. To say that the borrower is bankrupt is not a good idea. This can lead to foreclosure as are permanent reasons to not pay the loan back in given time again. Most importantly, the letter should be very honestly written and should be made sure that there are no unnecessary details in it.