A financial hardship letter is required from a borrower in order to apply for a loan modification. Although it may sound easy enough to do, you should keep in mind that the letter is the first obstacle that you need to overcome in your application. Most creditors applying for the refinancing on their mortgages take for granted the hardship letter and end up being denied a chance to stop foreclosures of their homes. Here are a few essential matters to consider.
6 Important Tips on How to Write a Hardship Letter:
1. Write a brief letter.
Over millions of borrowers are expected to apply for refinancing of their home mortgage. That is why you need to make it your financial letter short and concise. Make sure that it contains the essential parts, such as why you need the loan modification and the reasons of your eligibility for assistance.
2. Write a personal letter.
In order for your lender to get a full grasp of your situation, you will need to be specific in your family's circumstances. Your lender should be able to identify with you in that you are writing as a real person in need of help. Talk briefly of your family's background and more precisely of your income that can no longer sustain your needs and your home's monthly payment.
3. Write a letter that clearly states your problem.
Do not beat around the bush. Early on, indicate exactly the state of your finances that has led you to consider applying for a loan modification. As you go along, you can provide the details that the lender would need to understand your situation.
4. Provide enough information in your letter.
Although you should write a brief letter, you should still be able to detail your financial information and other related factors. This is so the person reading your letter can easily grasp your situation. Including your financial documents with your hardship letter is also advised so that you can have sufficient basis for your claims of hardship. Examples of these documents are cash flow statements, bank statements, income tax statements, invoices, etc.
5. Clearly identify your request.
In the first paragraph of your hardship letter, or in the subject line, specify your appeal. Make sure that you also reiterate your request all throughout the letter so that you don't lose tract of your letter's primary purpose.
6. Be modest and grateful.
You have to remember that you are writing a financial hardship letter and that you are in need of their assistance. You have to be humble enough to admit that you are having financial difficulties and that you would greatly appreciate their help. Keep in mind that the loan modification is your last chance to saving your home. Do not forget to be courteous and to sincerely thank in advance your lender for considering your situation.
To get a more precise understanding of how to write a financial hardship letter, find more examples online. Your best assurance would be to seek professional help.
Get expert advice right now!
Click here and get a free Financial Hardship Letter. For expert advice and assistance visit Obama's Loan Modification Program.
Article Source: http://EzineArticles.com/?expert=Clint_Richards
Posts
No comments:
Post a Comment