subject: Find a Financial Solution With a Foreclosure Hardship Letter [print this page] Find a Financial Solution With a Foreclosure Hardship Letter
For those people facing the loss of their home the foreclosure hardship letter is a very important part of find a solution to their hardship. Two of the main options available are the loan modification and short sale programs. Loan modifications are offered to homeowners who want to work with the lender to prevent losing their home due to foreclosure.
However, these candidates must have the financial means to become current on their mortgage note within a specified time. For those who can't meet the criteria there are "Short sales." When homeowners look as though they never have the means to catch up on defaulted payments they can ask the lender for permission to look at a short sale. This means that they will sell the home for less than the amount owing on the mortgage.
The foreclosure hardship letter is required for both these options but is a document that no one really wants to attempt. Because they are laying out important parts of their lives on paper many people believe it to be the hardest part of getting their financial hardship package together. This is because it takes some experience in this type of correspondence to write from scratch and include all the pertinent information.
The foreclosure hardship letter does not go to a collections department. It will read by a Loss Mitigator, a person who works for the lender. This person will read several foreclosure hardship letters on a daily basis spending hours picking out the facts. It for this reason that you have to be to the point and have all your answers up front. This will save the loss mitigator time for reading and your answer will come sooner.
There is no reason why you can't write your foreclosure hardship letter but you should have very good handwriting. Remember it's all about getting the points across so to be on the safe side either type it out or have someone type it for you. The main point is the loss mitigator has to be able to read and get the facts from this letter.
Below are some highlights for a foreclosure hardship letter:
1. Use a business format.
2. Start with your name, address, city, state, zip and phone number at the top.
3. Two spaces blank.
4. Name of the loss mitigator, lending institution and its address (Find this out by phoning).
5. Two spaces blank
6. Date
7. One space blank
8. Loan number
9. The main part of hardship letter should be about four to six paragraphs with a space between each one.
10. Thank the person for his or her time
11. Your signature
12. Print your name
The best way to get results is to get a sample foreclosure hardship letter and work from it. Nothing succeeds like success so follow the successful people and get your today.
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