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A loan modification Letter of Hardship is a personal letter to the bank describing what has caused you to become delinquent or why you foresee a delinquency on your mortgage. This letter simply needs to state what the particulars are about your individual situation. Below is a list of DO's and DONT's to assist you in preparing a Letter of Hardship to the bank.
DO
1. Make the letter about your individual situation. (example-job loss, family, medical, death, divorce, birth, Etc.....)
2. Include what you have done to help correct your situation. (example-getting a second job, reducing expenses, renting a room in your house, clipping coupons, downgrading vehicles, Etc.....)
3. Include in the letter why it is important for you and/or your family to keep the property. (keep the message as positive as possible.)
4. Include in your letter that if they were to modify your loan you could make the payment and will continue to do so.
DON'T
1. Blame the economy or the real estate market as the reason you are having trouble or foresee difficulty making your payments.
2. Say that the bank is rude or refuses to work with you.
3. Make the letter sound like the bank owes you something or that they put you in this situation. (keep in mind the bank does not have to modify your loan)
4. Ask the bank to take money off the balance that you owe. (the banks do not reduce amount owed they will only change interest rate and term of loan.)
5. Ask the bank to remove late fees or past due balances. (the bank
will always capitalize this back into the loan after modification.)
source: www.attorneyforloanmods.com
DO
1. Make the letter about your individual situation. (example-job loss, family, medical, death, divorce, birth, Etc.....)
2. Include what you have done to help correct your situation. (example-getting a second job, reducing expenses, renting a room in your house, clipping coupons, downgrading vehicles, Etc.....)
3. Include in the letter why it is important for you and/or your family to keep the property. (keep the message as positive as possible.)
4. Include in your letter that if they were to modify your loan you could make the payment and will continue to do so.
DON'T
1. Blame the economy or the real estate market as the reason you are having trouble or foresee difficulty making your payments.
2. Say that the bank is rude or refuses to work with you.
3. Make the letter sound like the bank owes you something or that they put you in this situation. (keep in mind the bank does not have to modify your loan)
4. Ask the bank to take money off the balance that you owe. (the banks do not reduce amount owed they will only change interest rate and term of loan.)
5. Ask the bank to remove late fees or past due balances. (the bank
will always capitalize this back into the loan after modification.)
source: www.attorneyforloanmods.com
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You can go this site for an example of a hardship letter as well as good information about your options for trying to save your home. If you are in the US, you can use this letter as a guideline or template, filling in your own information as appropriate. Do not forget to include any documentation (evidence of income, etc) that your lender requires with your letter. Good luck to you.
www.usattorneylegalservices.com
www.usattorneylegalservices.com
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0
Guest
answered 1 year ago
Guest
answered 11 months ago
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