Writing a Letter of Financial Hardship For a Mortgage Modification

Any homeowner who wants to get a home loan modification will need to write a letter of “Financial Hardship”. This letter is an important key to getting approved for a home loan modification. Most people have no idea how to write one of these letters, or where to look for help. Here are some mistakes, and tips, for homeowners who need to write a letter of “Financial Hardship”.

Probably the biggest error people make when writing their letter is taking the name “Hardship” to literally. This letter should not be a drawn out sob story about how bad your situation got, and how much it affects you. As opposed to what most people do, do not truly explain your life’s problems. This letter needs to convince the mortgage lender or bank you are trying to work with that if you get help with your home loan, you will not miss, or be late, on any other payments. This is the only thing that truly concerns the mortgage lender or bank.

When writing your hardship letter, always consider what the potential lender or bank wants to get out of the deal. As opposed to having you miss more payments, prove to them that with your new plan, a mortgage modification will benefit both you, but more importantly them. Believe it or not, a lot of homeowners still default after getting a mortgage modification they requested. This is why a “Financial Hardship” letter that is well written is crucial.

Never try to put this letter together at the last minute. Instead, make sure to take a good amount of time to thoroughly review your finances. Aim to set aside up to 40% of your gross monthly income towards your home loan payments every month if you are to get approved for a home loan modification. Make sure any income you claim in this letter is absolutely verifiable. Also inform them if you are to receive and inheritance, bonuses, or raises in the near future. Cut back on expenses as much as possible, and list all of your true needs like food, gas, heat, and the basics as monthly debts.

After you have looked at your finances, then write your letter of financial hardship. Prove to them that if they were to lower the monthly payments by an amount you have figured out, that you will not miss another monthly home loan payment. They do not want to have to deal with you again in the future if you need help, and at that point you will most likely get denied anyways.

Taking your time and writing a thorough, well thought out letter of financial hardship will separate you from the masses of homeowners hoping for the same help. Do some research and review your finances to help ensure you get a home loan modification approval.

Vinyl Lettering Offers Diversity In Creating Unique Home Decor

It used to be that vinyl lettering was used primarily for business signage, automotive, and boat lettering. That simply isn’t the case anymore. Recently, vinyl lettering has come into the mainstream of interior decorating because of its versatility. Vinyl lettering offers those wanting to create unique and personalized home decor simple, and affordable decorating options.

Wall Lettering:

Vinyl wall lettering, referred to by some as wall words, is a great alternative to the messiness, and permanence of painted stenciling. You can get a professional stenciled look that is customized to your exact desires. You choose the size, color and font of the vinyl lettering, have it custom made from an online manufacturer such as vinylwalllettering.com, and apply it to the wall. There is no messy cleanup, no “oops” moments when you have to fix the wall, or clean paint from the carpet. And the great thing about using vinyl lettering on your walls – It’s completely removable without damaging the painted walls. Vinyl wall lettering is also cheaper than paint, especially if you calculate your time, the brushes, clean up tools, etc.

Home Décor Signs:

Vinyl lettering can also be applied to wooden boards to create beautiful, and rustic looking signs. Many times the signboards feature a family name, with an different color overlay with the couples wedding date, etc. Creating a sign is very simple. You simply paint the board the color you would like, and then order the vinyl lettering in a contrasting color of your choice. Once the sign is dry, simply apply the vinyl lettering for a wonderful, and professional hand painted look. There are many online retailers, such as vinylcraftlettering.com that sell kits containing wooden boards and lettering together in one package. The key here is that YOU are in control of the finished product, because you choose the fonts, colors, and sizes.

Decorative Tiles:

There aren’t many things more beautiful than an Italian ceramic tile, except maybe an Italian ceramic tile that has been turned into a beautiful home décor accessory by adding some vinyl lettering to it. Take a 12″ ceramic tile (available at most home improvement stores) and add to it a decorative tile lettering kit from vinylwalllettering.com, and you have yourself a beautiful home décor piece that is personalized to match your personality and home décor scheme. Simply apply the vinyl lettering to the tile, apply a light clear coat to seal it, and you’ve got a great home décor accessory.

What an Effective Hardship Letter Needs to Include

It is common knowledge that numerous people across the country are opting for home loan modification to avoid foreclosure. However, most people who apply for mortgage modification fail to realize that their hardship letter will be an extremely important deciding factor in the process of procuring a mortgage modification.

The hardship letter will be the first step of procuring a home loan modification along with a slew of other paperwork. The mortgage modification hardship letter should include details like your financial circumstances, the reason for seeking a home loan modification and other information related to the home loan modification process.

There is no set formula for writing a home loan modification hardship letter, but here are certain points and tips that will help you to draft an appropriate mortgage modification hardship letter.

Write for your audience: Remember that the loss mitigation specialists have to read hundreds of home loan modification hardship letters and together these include all the reasons in the world for seeking a mortgage modification, so obviously yours will not be unique situation. So make sure that you are detailed, concise, polite and professional. Also ensure that your hardship letter does not exceed one or two pages.

It is obvious that lifting a ready made letter from the internet will not help your cause. Instead draft your own unique letter, it s acceptable to take pointers from others but do not resort to copying.

Make sure that you include all the relevant details and information that may be specifically required by your lending institution. Most banks will furbish you with a list and if they do so ensure that you go through each item carefully.

Don’t include emotions in your mortgage modification hardship letter. A good way to leave out the emotions is to review the letter a couple of times before sending it. It may be hard to not be emotional given the circumstances, so you may want to get somebody else to take a look at the letter as well.

Don’t forget to be polite. When you ask you lending institution to grant you a home loan modification you are asking for a favor so be polite and thank the reader for his/her time.