Loan modification applicants will be asked by their lender to supply a personally written financial hardship letter. This document carries a lot of weight to explain your individual circumstances and why you are deserving of a reduction in your monthly mortgage payments. The hardship letter may be hand written or type copy, just be sure to both print and sign your name and attached the date the letter was written.
The loan modification hardship letter need not follow a strict formation, however, it is important to include all pertinent information regarding your case. Some of the key points to state with clarity and accuracy include the reason for the deficit in your current income as compared to your stated income when you purchased the property.
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Mitigating factors that work to the benefit of the loan modification applicant would be a temporary loss of a job, reduction in personal or household income, burdening medical bills, short-term lay-offs, a divorce, call to military duty, arrest and imprisonment, self employment with failing profits, uninsured property damage, and death of a borrower on the title.
The loan modification hardship letter should include the salient contact and property information at the top. Line upon line, type your name, property address for the loan mod, your lender's name and their address and phone number, and your mortgage loan number at the bottom for easy reference.
The loan modification hardship letter should cut to the chase and be coherently written in about five paragraphs or less. Too much verbiage and non-relevant information will steer your lender away from the critical facts in your letter. State why you are no longer able to meet your current mortgage obligations and give reference to each and every factor that has mitigated your monthly income.
Loan modification hardship letters should not contain information that will harm your case or cause doubt and suspicion to arise of your future ability to pay the loan. Long-term unemployment counts as a negative strike, as does long-term or permanent disability, frequent job changes, relying on government substances, and a lack of direction to handle the new loan balance. Rather, show your hardship for the higher loan amount and emphasis your ability to pay a lower rate. In some cases, the distressed borrower will be unable to manage a newly restructured loan and may have to forfeit the property.
Your loan modification hardship letter will remain on file with the lender or loss mitigation service, so be sure to make yourself a copy in case you receive a phone call about the letter's content. You want to have your letter in front of you to defend or argue any points in question and aid and assist the lenders to help you.
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