4 Smart tips to write a mortgage modification hardship letter
In the past few years, an increasing number of people have fallen into financial problems.
If you are unemployed or have piled up credit card debt, then it will be very tough for you to make your mortgage payments. Obviously, you would not want to loose your home to foreclosure. But you are well aware that if the monthly mortgage payment is not reduced, then you would not be able to save your home from foreclosure. Hence, you have no choice but to opt for mortgage modification. That’s when you will find yourself wanting to know how to write an effective mortgage modification hardship letter.
Tips to write a perfect mortgage modification hardship letter
Here are some few tips that can help you write a perfect mortgage modification hardship letter:
- Keep it short: The first thing that you should keep in mind is that you are writing the hardship letter to the loss mitigation department. Now the loss litigators handle mortgage refinance, mortgage modifications, short sale transactions and foreclosure. They receive thousands of loan modification applications each month and they simply don’t have time to read lengthy hardship letters. So, write your mortgage modification hardship letter within few pages. If you are discussing your situation on the phone with a representative you may want to inform them if you can get this modification you may file bankruptcy and you are looking into pre and post bankruptcy credit counseling to decide if you need to exercise this option
- Explain your hardship circumstance: There can be several circumstances that may have forced you to opt for mortgage modification. This may include business failure, medical bills, unemployment, and marital separation, death in the family and sudden increase in the interest rates of the home loan. What ever is the reason, explain it in detail. Also, state the steps you have taken to deal with the crisis.
- Give the necessary details: In the mortgage modification hardship letter, you should give all the details that the loss litigators ask for. You should include the following details – your name, address, income, expenses, proof of income, loan number, payment history, and etc.
- Make payments: You should convince the loss litigators that you will be able to make the monthly payments after the mortgage modification.
Finally, in the last paragraph of the mortgage modification hardship letter, you should explain that you are willing to work with loss litigators to reach a beneficial solution.