If you're finding that writing for your mortgage loan modification application is not as easy as it sounds, you need these tips for a hardship letter. This letter is an integral part in your application for a home mortgage refinancing. If your letter does not convince the lender that you are indeed having difficulties keeping up with your mortgage loan, you could be denied a chance to stop foreclosure.
If you've never written one before, you will find a few important things to remember when you're writing one.You don't have to have a hard time.
What you need is to keep in mind the following tips:
1. Before you start writing you need to compile a year's worth of all your financial documents and records. This should include the details of all that your owe. It should also describe or prove your current financial situation and your inability to continue to pay for your mortgage loan.
2. Write a precise and accurate account of your money troubles. The clearer it is to read, the easier for your lender to understand your circumstances.
3. Indicate a computation of what monthly mortgage payment you can afford, based on your current earning ability. Do not just estimate and propose a figure. Study your household's monthly income versus all the monthly household expenses.
4. Explain to your lender how your money difficulties have deeply affected you, your family and your way of life.
5. Although it would be best not to mention in the letter that you are planning to sell your home, if you really have decided to do so, let your lender
6. State details that is applicable to your financial circumstances without having to tell too personal details. And please do not include statements that malign the country's economy or your marital problems. It would be good advice to stick to the facts.
7. Write a courteous letter and always remember that you need their assistance and not the other way around.
8. Incorporate copies of your current bank statements or other bills that will prove your claim to hardship.
With those tips you can begin writing one for your own now. But, keep in mind that the hardship letter is very essential to your application for a loan modification.
Don't spoil your chances - act now!
| Get your own sample hardship letter NOW. Article Source: http://EzineArticles.com/?expert=Clint_Richards | |
Posts
Many of us are still facing financial hardship though our economy has started taking small steps toward recovery. Due to their financial hardship, many people are forced to contact their lenders for some kind of loan relief options. In order to apply for the loan relief options, the letter of hardship plays a great role. In this letter, you will have to clearly mention the financial crisis that you’re facing. The lender should be writing in such a way that it convinces the lender to consider your case and give you some kind of loan relief option. Thus, you will get the benefit of writing a good hardship letter.
ReplyDelete