Writing a loan modification hardship letter is just about as difficult as it sounds. The letter is your chance to let the lender know why you can't afford your payments, the interest rate you'd like to get, and what your plans are to catch back up financially and pay your mortgage. It seems like a lot to stuff into a letter, but really it's not. You're not alone in needing a loan modification hardship letter tutorial.
First off, there are some things that lenders accept as examples or reasons of hardship and some things that they don't. Some common examples of hardship that lenders accept are:
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o Unemployment
o Incarceration
o Death of a family member
o Identity theft
o Medical bills
o Income decrease
o Divorce
o Interest rate increase
o Business failure
Your circumstance might be one of these, or it could be even more complicated or strange than these common examples. But no matter what has happened to make things too difficult for you, you need to explain what's going on in your hardship letter.
There are some key facts that your letter should include, such as:
o How your loan came into delinquency (if applicable)
o How manageable your payments were before you came under financial hardship
o The biggest, most prominent hardship that caused paying your mortgage to become difficult
o How you plan to handle the mortgage after the modification
o Your intent to work with the lender to stay in your home
Each of those points is crucial to include in your letter. The point of this loan modification hardship letter tutorial is point out the key things you need to include, and what to avoid.
Next, the structure of your letter. It's important for you to be very clear on what's wrong, what you're asking for, and what your plans are to change your situation besides the loan modification. Getting to lengthy on any one topic can throw the letter and the lender off. While your possible foreclosure may be an emotional subject for you, it is not for your lender. They want a vague outline of the situation and pay the most attention to the bottom line: How to get your money.
That being said, avoid sounding like you're whining or complaining. In all reality, a sad story is probably not going to get you any closer to a loan modification. But being honest will. Be as honest as possible in your hardship letter, because your lender just might try to look into the things you claim. And if they're not true, you're out of luck.
Use this very basic sample template to start you off, then work from there:
Loan Number:
Lender Name:
Your Name:
Address:
Phone Number:
First Paragraph - Why you're sending the letter. Possibly state the current interest rate and the rate you're looking for.
Second Paragraph - Any of your special circumstances and exactly how you fell behind.
Third Paragraph - Exactly what you would like from the lender what you plan to do to secure your financial future and work with the lender.
This loan modification hardship letter tutorial is sure to help steer you in the direction you want to go with your letter. Just be sure not to go too in depth into a story, and stick to the facts.
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