Writing a loan modification hardship letter is your first and probably, your most important step in avoiding foreclosure and saving your home. Your modification hardship letter should be able to express to your lender the situation that you are in with regards to your finances and your inability to keep up with your monthly payments. A poorly written letter could be denied immediately for losing the interest of the lender reading it.
The hardship letter that you submit to your lender should state briefly and explicitly your financial situation. You also have to indicate the causes of your hardship and provide proof through your most current financial documents. Give them your reasons on why you need to have your loan modified and how you are determined to keep your home from foreclosure.
It is imperative that your lender is informed of what you are going through, but stick to the facts. Do not exaggerate your situation by presenting an overly dramatic letter. The best way to approach writing a loan modification letter is through being sincere and truthful in detailing nothing but the facts of your circumstances. Tell your lender why you need to keep your home and how a loan modification can help you pay for it. You should assure your lender that you will not default your loan once it has been modified.
Because of the crisis in the economy, many borrowers are panicking and not thinking things through. Do not be one of them. You may only get this one chance in getting an approval. Remember, it is always better and preferable to organize yourself and your requirements before you blow up your only chance of saving your home. To be seriously considered for a loan modification, your hardship letter should not be more than 2-3 pages in length. You should be focusing on the content. Be brief but definite with your purpose and your explanations. Be realistic and optimistic in presenting your plans in the letter. You should be able to present a responsible and diligent image to your lender.
This is your second chance to bring your finances back on the right track. Don't take any more chances!
Writing a loan modification hardship letter can be a meticulous process. Get expert advice now and receive a FREE sample hardship letter.
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