For homeowners who cannot meet their mortgage commitments or those who are heading towards a foreclosure home loan modification can be a life saver. If all avenues of refinancing have failed you, mortgage modification may be your only and best option. In order to avail the advantages of home loan modification you will need to start by submitting a hardship letter to your loan provider. This letter should include clearly outline your financial situation and the reason for mortgage modification.
The letter should clearly explain the factors that led to your current financial condition and the steps that you intend to take to get out of it and stay out of it. Given the current economic crisis, loan providers receive thousands of hardship letters for mortgage modification every month so you need to ensure that your letter stands out in some way.
In order to do so make sure that your letter and concise and pertinent; a good hardship letter for home loan modification should not be longer than two pages. Instead of writing lengthy explanations which your lender will not have the time to read go for simple explanations on why you need mortgage modification. With the sheer number of letters that they receive chances are that they have already heard every explanation in the world.
Go for something simple like, "I have just had a decrease in hours at my workplace and this with the recent readjustments on my mortgage makes it difficult for me to keep up with the new higher payments". Here are some additional tips that will help you to draft your hardship letter for a home loan modification.
1. Make sure that you include all the necessary details, just because your trying to make your hardship letter for mortgage modification concise does not mean you should exclude necessary information and documents like death certificates, medical receipts and unemployment notices etc
2. Clearly explain the reasons for your requirement for a home loan modification.
3. Be clear about what you want in terms of mortgage modification, you need to tell the lender what you are looking for; a longer loan term, a lower interest rate etc. You may even want to tell your lender about the monthly payment amount that you would be able handle.
4. Write with feelings and emotions.
5. Don't be confrontational and don't complain; instead show your willingness to reach an equitable solution. Be polite
6. Include your contact information and enclosed bank statement for the past two months, last years tax returns, notices on the car and any other documents that can be used to veracity of your statement.
7. Under no circumstances should you try to threaten the bank, particularly with any talks of declaring bankruptcy.
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