Provided below are 4 free sample hardship letters in PDF form, courtesy - TheMortgageHome.com.
Once you've decided to contact your lender, learning how to write a quality hardship letter may be the single most important part of your loan modification.
Can’t afford to make ends meet anymore? The first step in saving your home should be to write a mortgage hardship letter. If your lender doesn’t understand your situation, there's no way they can help you.
While lenders are tough to negotiate with, they will occasionally realize it is in their best interests to let you stay in the house at a lower interest rate or they may end up facing a foreclosure or short sale soon.
Loan Modifications are used for homeowners who have incurred a permanent financial hardship and can not afford the repayment plan. Large numbers of homeowners end up using a loan modification program in order to put a stop to the foreclosure process.
If you are currently able to make your normal mortgage payments, but you find yourself unable to catch up with the past-due amount.
When you request a short sale, deed-in-lieu, or pretty much any other modification to your home mortgage, you’ll have to submit a financial hardship letter.
A hardship letter can make or break your chances of getting the bank to agree to a loan modiifcation or short sale, so you’ll want to make sure you avoid some of the common mistakes homeowners make when writing this letter.
Hardship letters can often make or break your efforts to short sell your home or applying for a loan modification. Banks will normally take into consideration how you express your hardship thru the letter. They will see if you really are affected by a hardship.
So how do get an approval for your loan modification? By providing the proper hardship letter of course!