What Should A Properly Written Loan Modification Hardship Letter Include
A good home loan modification letter should include three crucial elements
. These three crucial points will help you to arrange your mortgage modification hardship letter in such a way that it will include all the necessary information and get you the desired results. So when you are drafting a home loan modification hardship letter include the following:
Financial adversity: The first thing that you need to mention in your mortgage modification hardship letter is the financial hardship that you are experiencing and the status of your current financial situation, this should include information about your earning and expenses. Also include the reason for the reduction in income. It is important to make your home loan modification hardship letter as pertinent as possible. You can include factors like work related injury leading to medical expenditure, job loss and interest rate reset among others.
The Time: It is also important to tell the bank about the time when the financial hardship began in your mortgage modification hardship letter. It would be good to verify facts with relevant documents. Your home loan modification hardship letter should include a brief, clear and chronological list of the difficulties and ensuing problems. Include information about late payments or defaults here.
Talk about what you want: The next step is to itemize the plans that you feel will help you to be more regular with your payments. In order to grant a mortgage modification, the bank needs to know that you are a responsible person who will definitely make the payment once the home loan modification has been granted. Tell the bank how reducing the interest rate will help you to meet your monthly payments. If possible also include your new budget plans that you intend to incorporate once the mortgage modification has been approved. Share:
In essence, your hardship letter should explain your side of the story to the lending institution and the inform them about the solution you are seeking
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.