| Facing a home foreclosure is a nightmare worthy of a | | | | caused a person's mortgage payments to fall behind. It |
| horror movie. Because its not the fact that you have | | | | is a personal letter giving both financial and personal |
| to go through the motions of having to move away | | | | information so that the loss mitigator will see the |
| from your neighborhood and friends its that the | | | | afflicted arty as a person and not a number. Not only |
| process is like a water torture. You are forced to go | | | | that it will give the loss mitigator information on how the |
| through months of agony where guessing becomes | | | | lender can help the situation and, in addition, what the |
| the norm and your blood pressure rises every time the | | | | borrower can do to help salvage the mortgage. |
| phone rings. | | | | If your mortgage account is behind a great many |
| Not only is it lengthy process but your sense of | | | | lending institutions want to know the pertinent details. A |
| reasoning takes a kicking as well. Looking for a life raft | | | | financial hardship letter to the lender will shed important |
| becomes more important than a sensible approach to | | | | information such as if there are any liens against the |
| looking for ideas that could actually help you. In other | | | | home from other lenders. They have to know this in |
| words the simple act of writing a hardship letter to a | | | | order to refinance. |
| lender could actually make all the worries go away. | | | | Here is a list of pertinent items in a hardship financial |
| Lenders are in the business of making money. | | | | letter: |
| However, they also do not want to lose money and | | | | 1. Adjustable Rate Mortgage Reset |
| so do not relish the burden of a foreclosure. This is | | | | 2. If the borrower is incarcerated |
| because there is the loss of income from the property | | | | 3. Has the borrower had a downturn in income? |
| plus the high expense in legal fees to get a foreclosure | | | | 4. Illness in the family |
| in place. | | | | 5. Mounting medical bills |
| Another reason that lenders would rather seek | | | | 6. Job loss |
| another means is they are not in the real estate | | | | 7. Moving for work |
| business. This means that if a mortgage company | | | | 8. Business failure |
| gets a house back after paying expensive foreclosure | | | | 9. Death in the family of a financial contributor |
| fees there will be more costs to bear: maintenance, | | | | 10. Divorce |
| insurance, security and advertising. This will keep up | | | | 11. Military posting in another area |
| until it is sold. So with this in minds, plus some financial | | | | 12. Damage to the home: fire, tornado, flood, vandalism, |
| incentives from the federal government, the lender will | | | | etc, |
| entertain helping a homeowner who is under a financial | | | | 13. Other important items |
| burden, especially if he or she simply writes a hardship | | | | A hardship letter to a lender has to be written carefully |
| letter to the loss mitigator of the particular company. | | | | and include all pertinent facts. For this very reason you |
| The key ingredient for a loan modification is the | | | | should get an example of one and follow it. Because |
| hardship financial letter. A financial hardship letter to a | | | | you don't want your loan modification held up due to a |
| lender is a written account of the problems that | | | | missing part. Get a sample hardship letter to follow. |