Writing Your Loan Modification Hardship Letter
Posted by: real estate / Category: ForeclosuresPresident Obama’s Home Stimulus Package has allocated 75 billion dollars to help homeowners who are facing foreclosure due to a mortgage they can’t afford. If circumstances beyond your control have caused you to lose income or face increased expenses, you may meet the financial hardship qualification to receive assistance in the form of a loan modification. If this is the case, a crucial part of your application package will be your loan modification hardship letter.
Along with the other documents you are required to complete in detail, you will need to write a letter detailing what has occurred to cause the disruption in your mortgage payments. You will also need to provide documentation for every fact you present.
This letter should not include your entire life story. The bank loan officers are besieged with people seeking relief under the stimulus bill. They frankly do not have time to read a lengthy document. You need to encapsulate the circumstances and events into one page or at the most, 1 ?pages.
Legitimate hardship could be job loss, medical bills, divorce, death of a spouse, military service, etc… When you submit your Loan Modification Hardship Letter, be sure you have all your necessary paperwork completed and compiled correctly before you even contact your lender. You only get one chance to apply, so it is important to have everything in order and done according to the required guidelines. Anything that could delay your application should be avoided.
An important companion piece to the letter stating your hardship is a presentation of your budget and how the new modified payment fits well within your means to fulfill. You also need to convincingly present your commitment to making your payments in a timely fashion and your commitment to the community in which the home is located.
For more tips on how to apply for mortgage modifications, visit my blog at http://MortgageModificationsInfo.com.
Trevor_Fike
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Tags: Foreclosure, mortgage