How Do You Write A Hardship Letter For A Mortgage Loan Modification?
A hardship letter is generally requested by a mortgage lender when you apply for a loan modification. A well-written letter can greatly help your chances of having your application approved, potentially saving your home from foreclosure. A hardship letter is designed to allow the homeowner a chance to explain whatever financial issues have caused you to be delinquent in your mortgage payments. Keep in mind that lenders would prefer to forego foreclosure proceedings as much as you would. A loan modification can be an acceptable compromise for both parties. Create an outline of the points you’d like to discuss. You want to create a letter that explains your past financial hardships honestly, and maintains a positive outlook for the future. *Stick to the facts. Lenders are empathetic and are willing to take into consideration any hardships that may have arisen including a job layoff, divorce, job relocation, high medical bills that were not covered by insurance, etc. *Clearly state that k
