What Is the Point of a Loan Modification Hardship Letter?
When you are in the middle of fighting to save your home
, you are stressed to the point of breaking. You can't sleep, you can't eat, and you are having trouble getting through the day at work. On top of that, you are faced with mounds of paperwork to try to rework your mortgage and avoid foreclosure. What is the point of a loan modification hardship letter?
The loan modification letter sounds very formidable, and you may feel you don't know how to begin to write a long document like this. The truth is that it should not be a long document. The longest it should be is 1 or 1 1/2 pages long. It should get your point across in the most concise way that you can. Your bank has been deluged with applications, and the amount of time that they have to study your information is minimal.
You need to get two points across to your bank in a clear fashion. First, they need to understand what happened to you that qualifies your situation as financial hardship. Why did you end up in default on your mortgage? Did your income go down or your expenses go up, making the payment impossible for you to make? If so, state it clearly and without drama. Then you need to show your ability and dependability to make the reduced payment over the life of the mortgage. This part of the letter is most important, as it doesn't matter how much sympathy you generate if you are unable to be approved for the reworked loan.
Therefore, you understand that the loan modification hardship letter is a very integral part of your application. It is the crux of the entire government funded-program, and you need to take care in this important presentation of your case.
What Is the Point of a Loan Modification Hardship Letter?
By: Tyler C. Johnson
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