How To Write A Loan Modification Letter?

Please check this link for what needs to be included in a hardship letter. Basically this is what you will need to initiate a loan mod from your lending institution. q270927.html

A financial hardship letter explains to your creditor why you are in
financial trouble and requests a specific remedy to help you through
the crisis. There are different reasons for writing a hardship letter,
but the most common these days are:



1. Requesting a Loan Modification or restructuring.

2. Requesting a short sale to avoid foreclosure The hardship letter is
a primary requirement in the loan application process. Your loan
modification attorney will ask you to submit it along with your other
financial documents, so that they can evaluate your situation and
present a strong case to your lender. When writing a hardship letter
for a Home loan modification, keep in mind that the lenders really want
to see why you have fallen behind with your mortgage payments. It
should be clear, honest, and contain just the right amount of detail.



The way you write it can literally spell the difference between keeping
and losing your home. Here’s how you can write a hardship letter that
puts your point across and gets you the best loan modification deal.

1. Keep it concise. A typical lender can only spend five minutes
reading your letter. Try to keep it to a single page; any longer and
they might not have time to really read it through. Lose all
unnecessary details and keep only those that are relevant to your case.


2. Get straight to the point. Start by stating the purpose of your
letter (whether it’s a loan modification or a short sale), so that the
reader knows outright what to expect. Basically, it should say “I need
you to buy my home/restructure my mortgage/give me a lower interest
rate,” in a way that compels them to find out why. You can use the
succeeding paragraphs to explain it in more detail.

3. Explain your hardship. First, make sure your problem actually qualifies as a financial hardship.