One of the easiest and cheapest ways to get out a possible foreclosure situation is to secure a home loan modification. As a matter of fact, with mortgage modification you can make sure that the situation does not go so far, when you find that you cannot meet your monthly mortgage payment it may be time to consider home loan modification. Once you decide to opt for mortgage modification you will need to put in a ton of paper work but the initial and one of the most important documents will be your hardship letter for home loan modification. Many people make mistakes when drafting the hardship letter and it leads to the denial of their mortgage modification request. So here are a few tips on how to get things right.
The first thing that you need to remember when drafting a hardship letter for home loan modification is that your lender probably receives hundreds of these each week, this means that he/she will not have a lot of time to read your letter. So it is important to state all the key points as clearly, concisely and pertinently as possible.
You also need to remember that you are asking the bank for a favor, so be very polite, making complaints, whining or threatening the institution that you intend to declare bankruptcy will get you nowhere.
It is also equally important to express your flexibility and your willingness to work with the lender in your hardship letter for mortgage modification. State clearly what you are expecting in terms of home loan modification; that is do you want the loan term to be extended or are you looking for lower interest rates. But you also need to mention that you are willing to explore various options of mortgage modification. Stay away from political speeches about how the lending institutions pulled brought this situation on themselves.
The most important things to mention in your hardship letter for mortgage modification include:
Your current financial situation: You need to tell the back honestly where you are in terms of your finances and what caused the situation. Your reasons can be anything from job loss to death in the family and from divorce to a job related accident but state your reasons concisely.
The next piece of information should show the bank that you are taking steps to get out of your current situation. So it is important to mention all the things that you are doing to save money in your hardship letter for mortgage modification. This can include a part time job, reduction in household expenditure etc.
Finally prove it to the bank with as many documents as you can that your situation is real. However, you are a responsible person with a good repayment record in the past and that you intend to make the new payments after securing mortgage modification.
If you are considering mortgage modification, you should really look into 60 minute home loan modification. It is a great resource that contains a lot of important information about the process of applying for a mortgage modification. It was created by a loan modification expert who has modified numerous home loans. The kit included a professional hardship letter outline, and one on one support in case you have any questions. It is a must have for homeowners.
by: David PitAbout the Author:If you want to learn more about home loan modification and 60 minute loan modification visit homeloanmodificationfaq.com. The website has plenty of free resources that will help you to modify your mortgage. Click Here if you want to save your home from foreclosure.