If you are at risk of losing your home through foreclosure, one of the options available to help you avoid this foreclosure is a home modification loan. If you decide to utilize this option, your lender will request a hardship letter as part of the home loan modification application process. A hardship letter is your opportunity to explain to the lender the circumstances that caused you to fall behind on your mortgage. It is important to be specific, straightforward, and honest when writing the hardship letter, do not sugar-coat your situation.
instant cash payday loan, cash advance loan, Instant Cash Loans Online,
Lenders tend prefer to avoid foreclosures as well. Foreclosures not only put families out of their homes, they are also costly for the lender. Lenders typically are willing to help families avoid foreclosure and stay in their homes through the use of a home loan modification. It creates a win-win situation, the family keeps their home and the lender is spared the cost associated with foreclosure proceedings.
Your lender will need to know the reasons you have become delinquent on your mortgage, it is best to be honest and specific.
The typical hardships lenders look for in the financial hardship letter includes:
o Unemployment
o Job relocation
o Reduction in wages or other income
o Divorce or separation
o Mortgage payment increase due to Adjustable Rate Mortgage
o High medical bills or prolonged illness
o Death of the mortgagor
o Death of spouse or family member
o Failure of a business
o Military service
o Incarceration
o Problems with the property
o Inability to rent the property
o Inability to sell the property
It is important when writing the hardship letter to your lender to remember that you are dealing with people, not an inhuman entity. If you clearly explain your situation in the hardship letter, they are likely to empathize with you while making a decision on your home loan modification application. This list of possible hardships is not exhaustive; your lender is probably willing to consider any true hardship that contributed to your delinquency status on your mortgage. If one or any of the above hardships does apply to your situation, applying for a home loan modification gives you an excellent chance of protecting your home from foreclosure.
$ 100 - $ 1500 Cash Advance Online. No Faxing No Credit Check Highest Approval Rate. Get Cash Fast Today!
Rating of loans for bad credit
Get Online Application at online payday loans.
0 comments:
Post a Comment