ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel
  • »
  • Personal Finance»
  • Mortgages & Loans

Loan Modification Hardship

Updated on July 10, 2010

Qualifying for Loan Modification Hardship

Life challenges us in many ways we can imagine and they come in many different forms. The current condition of the real estate market and the economy in general is just one good example, remember all the people that got laid off from their work because of this. Hard times come by in many different ways and sometimes it is dependent on individual perspective on things. A divorce for example can be used to apply for a loan modification hardship as well as hospitalization and the inability to go to work for medical reasons.

Facing a foreclosure on your home mortgage loan is one of the many adversities in life that most of us have to go through. And since foreclosure is not very good news for mortgage lenders because it’s a no win situation, they are willing to participate and work with their distraught homeowners for them to keep their homes. Losing your property and having it repossessed will be a great deal on remortgage fees if you try to enter a home loan remortgage deal to save your home. This is where privation for loan modification will come very much in handy.

Validating Financial Hardship

To become eligible for a loan modification hardship petition, a borrower must convince their financial lenders of their destitution to avail of such appeal. The validity of a homeowner’s hardship can be proven with by their current situation and these reasons may be caused by many different factors that concern their ability to be able to pay their dues. A petition letter that will state their current financial hardship will help modify their existing mortgage loans.

The letter of request to modify a loan due to hardships and other adversities should be drafted in plain words. It should explain the facts concisely, directly pointing out the cause leading to the inability to pay the loan. You must check the letter for any possibility of pointing the finger blame to your lenders in a manner of stating it on the appeal. Most mortgage lenders have a file cabinet bursting with loan modification letters, so make yours brief and short.

Modifying Your Interest Rate

There is a big possibility that you’ll be enduring higher monthly payments on your home mortgage loan, if you will be granted approval on your loan hardship letter. Once the loan has been modified, your interest rate will be adjusted and will be elevated from its original rate depending on the terms. Extending remortgage loans by adding to the time period will greatly affect the total of your payable in interest rate alone. This is an unfortunate event that you have to comply with in exchange of having your loan modified to serve its purpose.

Every mortgage lender will have their own set of terms and conditions when it comes to granting approval to loan hardship modification letters. They will also have different ways of verifying the facts stated in such petitions which will also differ from each lender. You can always seek out the services of a loss alleviation specialist or an attorney that is an expert on this matter. This will make it easier for you to prepare and summarize your appeal for the loan modification.

Loan Modification Hardship Letter


    0 of 8192 characters used
    Post Comment

    No comments yet.


    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: ""

    Show Details
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)