| One of the key parts of a loan modification is the | | | | facts. Keep emotion out of it and don't go off on a |
| hardship financial letter. Most lenders will request a | | | | tangent with blame. |
| hardship letter when you apply for a loan modification | | | | Here is a list that convey hardship in a financial letter: |
| for a mortgage account in arrears. The hardship letter | | | | Three Most Common Financial Hardships: |
| is a written account regarding the circumstances that | | | | 1. Adjustable Rate Mortgage Reset |
| caused you to get behind in your mortgage. It will also | | | | 2. Family illness |
| give keys facts to the lender to help you keep your | | | | 3. Loss of job |
| home from foreclosure. | | | | Other Common Hardships: |
| The hardship financial letter is basically story of how | | | | 4. Change of income downward |
| you got into the financial predicament and the events | | | | 5. Failure of a business |
| leading up to your present state of solvency. It will tell | | | | 6. A relocation for work |
| the lender's key person, the loss mitigator, the details of | | | | 7. Spousal death or that of a cashflow contributor |
| the problem and help them decide what to do to help | | | | 8. Penal incarceration |
| you either keep your home or go for a short sale. This | | | | 9. Divorce proceedings |
| means that the lender might let you sell it for less than | | | | 10. Military call out |
| the mortgage value. It also will alert the lender as to | | | | 11. Heavy medical bills |
| how far you are willing to go to help with the process. | | | | 12. Damage of home due to natural disaster, accident |
| In order to get all the facts straight about your | | | | or fire |
| circumstances the best way to write a hardship | | | | 13. Any other hardship items |
| financial letter is by following an example that has | | | | The hardship financial letter is only one instrument in |
| proven successful. By following a good letter you will | | | | the loan modification process but it is the one that will |
| make sure that all the bases are covered and that the | | | | get the attention of the loss mitigator. To proceed with |
| loss mitigator has all the facts to help you. | | | | writing one it is best to get an example to follow. In this |
| A hardship financial letter is basically a concise outline | | | | way you will get it right the first time and be on your |
| of what the loss mitigator needs to know. Since these | | | | way to financial recovery through a loan modification. |
| people are very busy you want to give them just the | | | | |