How To Write A Mortgage Modification Hardship Letter That Brings Results
Homeowners who are facing the threat of foreclosure know that it is akin to living a nightmare
. It can best be described as a slow and agonizing torture where you have to spend months speculating about the fate of your home. The process is so arduous that it can throw logical reasoning into a quandary and you may simply start looking for a life raft rather than a sensible solution to bail you out of the situation. One such sensible solution which can yield results is home loan modification and writing a mortgage modification hardship letter will be the first step of the process.
Given the fact that it is a very important document that can make your worries go away here are a few tips on how to write an effective home loan modification letter. You have to understand the fact that for a lending institution granting a mortgage modification makes more financial sense than going in for a foreclosure. The real estate market is in doldrums and banks are finding it increasingly difficult to find buyers for foreclosed homes after they have spent thousands in foreclosure fees. Yet if the bank feels that they are not going to get anything by granting you a home loan modification they will not take this option so it is important to write an effective mortgage modification hardship letter that clarifies your position.
Here are some crucial bits of information that your home loan modification hardship letter should include.
Why? You have to tell the bank why you need mortgage modification. This would imply stating clearly your current financial condition and the scenario that led to it. Several circumstances may force you to ask for home loan modification; these can include death in the family, loss of employment, increase in interest rates, divorce etc.
What have you done? You will also need to state the steps that you have taken to deal with the adversity. This can include a gamut of things like reducing your monthly household expenditure, taking a second job etc.
What are you expecting? Home loan modification essentially means the renegotiation of current loan terms to reduce the monthly mortgage payment. This can be done in several ways; you can either choose to increase the loan term, decrease the existing interest rate; write off a part of the loan etc.
Also make sure that you mention your name and current contact information and your name so that the bank knows who is seeking the mortgage modification and where to get in touch with you.
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 Pit
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How To Write A Mortgage Modification Hardship Letter That Brings Results Rawalpindi