Loan Modification Hardship Letter
75Example Loan Modification Hardship Letter
I've been coming across so many homeowners trying to contact the loss mitigation department with their lender to negotiate a loan modification. One of the first things a lender asks for is a hardship letter showing why the homeowner has been late with mortgage payments.
A good loan modification hardship letter shows valid reasons for example, been laid off, hospitalized, unable to work, or mortgage loan adjusted, was deceived into a loan (loan fraud) etc.
When putting together your hardship letter, be sure to point out everything you can. It's OK to cry out so someone hears you.
Hardship Letter Example...
To Whom It May Concern:
I have had problems making my monthly payments due to financial difficulties created by my negative amortization loan and my high interest rate. I was sold this loan by a mortgage broker who assured me the quoted payment of $1,748.94 was my full principal and interest payment. Needless to say he was totally wrong and misled me. I was only paying a deferred interest payment which was going to increase my loan balance each month. I have been paying my interest only payment and been struggling due to the high rate of 7.375%
My wife and I are barely making ends meat and we have been dipping into our savings to cover our mortgage payment along with the taxes and insurance. My wife and I were told we could refinance out of this loan but that is obviously not possible since the home is worth less than we owe on our mortgage and the property values keep on dropping in our area.
In order to avoid a future possible foreclosure, I'm requesting a lower interest rate (30 year fixed rate with lower monthly payment) on my current mortgage to Countrywide.
As a long time customer, I'd prefer that the you remain my primary mortgage lender, but without a reduction in the interest rate, I simply can't afford higher monthly mortgage payments.
Our (me and my wife) total annual income amounts to $75,000.00. That income should certainly sufficient just to pay the decent principal and interest monthly payment. We have always paid our bills on time and have an excellent credit rating but cannot afford to pay the minimum payment and have the loan recast; we need help badly and want to retire in this home. We are scared of our current loan and we were completely misled and had no idea about the negative effects of paying the minimum payment. Please help us.
Thank you for your consideration,
Your Signature
Just be brief and to the point but don't leave anything out. Good Luck! Be sure to get the free loan modification help and strategy Ebook to get you on the right track. Loss mitigation can be tricky if you don't have the right tools.
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Comments
Great post - this is a fantastic resource for loan modifications and learning how to stop foreclosure.
This is a very good post and, as a matter of fact, it was very useful today for an aquaintance.
Thank you for the post and cudos.
Happy hubbing!
We used this example. Thanks for your help. There are a lot of shysters in this industry so you have to be very careful.
Here is a company that is reputable and professional. I couldn't be happier with them: www.savemyhomeusa.com
This is a very helpful post, but I hope that someone doesn't copy much of what you said in your letter because there are alot of spelling errors!
(and grammatical errors as well)
Its a great help for homeowners to understand how precise a hardship letter can be . Good Job !!
We do good when its about an afforradble monthly payment .
www.wallstreetmodification.com
Nice article! This is a great article for Homeowners to read over and reference when creating a hardship letter. It is oh so true that many Homeowners overlook the importance of a solid hardship letter when trying to obtain a loan modification or other mortgage workout to stop foreclsure and make home affordable.
Homeowners should always reference several sources for advice such as how to write a hardship letter. There is some great information on homeowner hardship and writing a hardship letter to obtain a loan modification @ http://www.hopenhousing.org/hardship.html
Interesting read. Thanks.
xenthur says:
14 months ago
Good tips in making loan modification hardship letter to a loss mitigation department.
A rate up for you..
There are loan modification company that work to clear away the attorney fees, the late fees, reposition all the late payments back into your loan, lower your rate, and lower your payment. Most importantly, they will negotiate a payment that you will be able to afford...
National Modification Corp will surely one of them, for more info visit http://nationalmodification.com.