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.