This short article is to give you some guidelines as to what you'll need to in order to write a good Hardship Letter for your Mortgage Loan Modification.
Two of the most important things in obtaining a Mortgage Loan Modification is that you have to prove, "how important it is for you to stay in your home", and that you have or will incur a hardship. The most obvious hardship is that you are behind or will be behind in your mortgage payments. The modification you're proposing has to make sense to the bank. Even though they don't need more foreclosure properties, they want to make sure you can afford the new modified payment and they won't have to do a new loan modification over again in a few months.
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You'll have to provide a ton of paperwork in doing your Mortgage Loan Modification to prove this, but one of the most important things you'll need is a "Hardship Letter". The Hardship Letter is actually what starts the process. The underlying theme of the Hardship Letter needs to be "how important it is for you to stay in your home".
There's a lot of opinion about what needs to be in your Hardship Letter, but it can't be stated enough, so I'll say it again; the theme of the Hardship Letter has to be to show the bank, "how important it is for you to stay in your home". If the bank detects you're not that sincere or that its not that important to you, you're dead in the water. Use that knowledge in giving the bank the three things the it needs to know to determine if you're a good candidate for a Loan Modification:
Where you're at financially right now
What is the current state of your finances? What are your bills now and what is your income? Are you upside down in your finances or about to be? Upside-down means you owe more than you're bringing in each month. If you're only slightly upside-down the loan modification may still work for you. Remember, you're trying to get your monthly payment lowered if you're accepted. Whatever you state here, upside down or not, you'll have to prove with the detailed documentation you'll provide in the attachments.
What caused you to get there
What caused your hardship? Lost your job? Working less hours? I'm OK now, but when my mortgage adjusts in two months, I'll be upside-down. Just tell the truth, with verifiable, detailed, documented reasons for your hardship. Whatever your state in this part again, will have to be verified with the documents you provide in the attachments.
How you're going to get out of this mess
What has changed so you can make your new mortgage payment along with all your other monthly payments now? I got a part-time job, so I can afford the payments now. I'm getting unemployment benefits. The bank can assume that if you're employable you will be employed again. All this information again, has to be verified with the documents you provide in the attachments.
There are a few things I hope you get out of this rather short article:
Your sincerity to stay in your home should show front and canter Your letter, like this article should be short and to the point. Everything has to verified with the proper documents
If you're not very good at writing, do your Hardship Letter in a bullet format. If you're still unsure, even thought it will probably cost you, have your Mortgage Loan Modification done by a professional; one with a provable track record. Hope this helps you.
George
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