| The hardest part in getting your mortgage modified is | | | | honest with your lending institution about your situation |
| convincing your lending bank that you need one. Since | | | | from the very start. At the first tell-tale signs of |
| the lending banks are always reluctant about even | | | | financial trouble, you should immediately bring your bank |
| skirting the topic of mortgage modification. They won't | | | | in picture; doing so will always be helpful for you in the |
| do it just to help someone out. They will do it only if | | | | long run. |
| you can convince them that there is something in it for | | | | Here is a guideline for you which you can follow to |
| them as well, in this case: loss mitigation. | | | | create an effective hardship letter to be presented to |
| Your lending bank will agree to provide you some relief | | | | your lending bank: |
| in your mortgage payments, if you can convince it that | | | | - Create a clear and honest outline of your financial |
| in the other case, you really are unable to continue | | | | problem's history and the reasons that have led to it |
| making the payments, which will result in the | | | | - Communicate a positive outlook about the |
| headaches of home foreclosure, for both you and the | | | | improvement of your future financial condition |
| lending bank. | | | | - Write down what you plan on doing to improve your |
| It requires a complete analysis of your financial | | | | financial condition and how will you get there |
| situation, conveyed to your lending bank in a | | | | - Emphasis that you want to hold on to your home |
| straightforward manner. Only the conviction that you | | | | - Give details of your current employment and your |
| do not have enough to make the full mortgage | | | | income |
| payments will get you the mortgage modification out | | | | - Outline the kind of mortgage modification you have in |
| of your lending bank. | | | | mind and the reasons why you think it is the best |
| You can convey all of this to your lending bank through | | | | option for you |
| a hardship letter. This letter should state your current | | | | - Format the letter according to the proper letter |
| financial situation, the hardship that has befallen you | | | | writing format |
| which has rendered you incapable of continuing to | | | | - Do not type it, a hand written application will be more |
| make your current mortgage payment. | | | | desirable in this situation |
| The reason for your financial troubles could be due to | | | | - Provide the relevant information and material with it, |
| losing your job, being out of work due to illness, | | | | like your tax records and bills etc |
| unexpected heavy medical bills, losing a partner in | | | | - Provide your complete contact information |
| death or divorce, and a variety of other reasons that | | | | - Provide the details of the property that you are |
| directly affect your financial stability. | | | | seeking mortgage modification for such as the |
| Mortgage modification is a very useful tool. It prevents | | | | homeowner's name, address of the property, your |
| all the stakeholders involved from facing the brunt of | | | | mortgage account number, the terms of your |
| home foreclosure. A foreclosure is in no one's best | | | | mortgage, the number and amount of payments you |
| interest, not even the lending bank's either. Home | | | | have already made, and an explanation for those that |
| owners' loss in this case is more emotional than | | | | you have missed, if any |
| financial, but the bank loses money over foreclosures. | | | | - Address the letter to the loss mitigation officer of |
| Most financial institutions have less sympathetic outlook | | | | your lending bank |
| towards home owners who have already missed the | | | | - Be polite, clear, concise and honest |
| mortgage payments or have been making payments | | | | - Do not forget to put your signature on the application |
| that are not complete. So it is important that you be | | | | Send in your application, and pursue it diligently. |