What Are The Keys For An Effective Loan Modification Hardship Letter
If you are one of the thousands of homeowners facing the risk of foreclosure there are several recourses in front of you. You could short sell your home, accept foreclosure as an imminent fate, consider refinancing or opt for home loan modification. Of these mortgage modification is by far the most feasible solution that can not only help you to save your house but will also bring down the amount of your monthly mortgage payment.
When you approach your bank with a request for home loan modification they will ask you to write mortgage modification hardship letter. This is a very important document and how well you write it will determine if the home loan modification is granted or not. So it is essential to know what to include in the mortgage modification hardship letter of you need help.
A hmortgage modification hardship letter can be written for various reasons you could be seeking a temporary reprieve from your mortgage payments, or perhaps you are asking for a forbearance period. You could also write the mortgage modification hardship letter to ask the lending institution to rework the terms of your existing loan in such a way that your monthly payment is brought down.
Your home loan modification hardship letter should include details about your current financial condition, the various factors that led to the condition, why you need a mortgage modification and how can you be sure that you will be able to make the payments after the loan modification.
Ensure that you home loan modification hardship letter is written clearly and in a polite tone. Mention all the necessary details but try not to sound overtly emotional. It is also imperative to clearly state your income and expenditure so the lending institution can make an informed decision about the amount of money you can pay each month. You need to prove it to the bank that you are an honest responsible person who has the intention to repay the loan but certain hardships are preventing you from doing so and if the mortgage modification is granted you are certain that you will be able to meet the monthly payment.
So the keys for an effective home loan modification hardship letter are: clarity, honesty and the proposal of a feasible solution for both the lender and the borrower.
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.