How Do I Write A Hardship Letter That Will Help Me Get My Loan Modification Approved So I Can Stop Foreclosure On My Home?
Tens of thousands of Americans today are using loan modifications to avoid foreclosure and actually keep their homes. While everyone’s foreclosure situation is unique, there is one common thread that ties together all successfully approved loan modifications, and that is the hardship letter.
The hardship letter is exactly what it sounds like. It’s a letter, written by the homeowner who is facing foreclosure, explaining their hardship as to why they fell behind on their mortgage payment. There are some key components to writing a hardship letter that every homeowner should follow. Hopefully this article will help you quickly and easily write your hardship letter.
First and foremost you need to be accurate and honest. Tell the mortgage company exactly what caused you to fall behind on your mortgage. You should be as detailed as possible. For example, don’t just tell them that you broke your leg. Explain how breaking your leg caused you unexpected medical bills that you had to pay, and that because you work in construction, it was impossible for you to work for the 8 weeks that you had a cast on your leg.
Being detailed in your letter will help the mortgage company better understand exactly why you were unable to make your regular mortgage payments. You want to be as factually accurate as possible. If you had other important bills to pay, be sure to include amounts of payments, who you made them to, and on what dates.
After you’ve explained why you fell behind on your monthly mortgage payment, the next thing that you need to do is to explain to the lender how if your loan can be modified, you can continue making regular, on-time mortgage payments like you were before you fell behind. Perhaps you now have a new job, or a second job. Maybe the medical bills are all paid off. Whatever the reason is, you need to explain to the lender what action you have taken, or what circumstances have changed, that are now going to allow you to make a regular mortgage payment on time, each and every month.
Finally, in closing your hardship letter, after explaining why you will now be able to make your regular payment, you should politely ask for the loan modification to be approved. You want to ask in a short, brief, humble and polite paragraph. A good example might be something like this:
“In closing, with your modification of my current loan, I am 100% confident that I’ll be able to make my mortgage payment on time, each and every month. However, I need your help in modifying my loan so that I can do so. Please help me get my loan modified, as the last thing I want to do is go through foreclosure. I am a good person who fell on some hard times, but moving forward, with your help, and my (insert the change that has happened to you) I am ready to start making a regular mortgage payment each month”
If you follow these simple steps, writing your hardship letter can be done quickly and easily, and greatly increase your chance for a successful loan modification that will stop foreclosure on your home.
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