Your hardship letter should not be more than one page long. It should be clear and to the point. You may include a payment plan or offer, however the mortgage company will determine if you qualify for a modification according to the financial and expense information you provide.
Mortgage companies want to be sure you need a loan modification. They also want to be sure you can maintain your monthly payments if you are awarded a modification. Companies like to see that you have 10% more income than expenses after the reduction in monthly mortgage payments. In other words if your mortgage is 00 a month and expenses including this are 00 per month and income is 75 per month they want to be sure if they lower your interest rate you will have enough to cover expenses with 7 left over for emergencies.
Loan
Your name
address
phone
Loan number
Company name
address
To whom it may concern:
I, (your name), do herein request assistance in the form of a loan modification with a back payment and late fee waiver. Due to circumstances beyond my control I am unable to remain current on my mortgage payments to (your mortgage company). I am asking for your assistance so that I may resume payments on my home and prevent foreclosure.
Since (date problems began) I have sustained an increase in expenses (explain reason for increase) Since (date problem began) I have experienced a loss in (explain reason for decline in income). In (date you became late on payments) I depleted all my resources and was unable to maintain my mortgage payment. I am requesting your assistance in saving my home from foreclosure.
(Explain how you feel the adjustment will assist you in maintaining your home. Explain how long you feel your situation will last, and how and why you think it will improve in the future.)
I am capable of (state when or how much you can make in payments or how much you are capable of paying in back payments if necessary). (State why you think it is in your and their best interest to work together on an agreement. Such as the everyone's loss especially their financial loss if the home goes into foreclosure. I wish to work with you for the mutual benefit of keeping my home and making payments.
Sincerely,
You can save your home. Begin your research now and explore all of your options. There are many tools to help you. Best wishes in your endeavors.
Sample Hardship Letter For a Mortgage Loan Modification
Final Tip: By researching and comparing the best loan modification companies in the market, you will be able to determine the one that meets your specific financial situation, plus the cheaper and quicker options available. However, it is advisable going with a trusted and reputable stop foreclosure specialist before making any decision, this way you will save time through specialized advise coming from a seasoned loan mods advisor and money by getting better results in a shorter span of time. Meaning getting your house out of risk as soon as possible.
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