Send Hardship Letters To Your Mortgage Lender For Assistance

As a homeowner in financial difficulty, you need to know that there are many other homeowners like you who can no longer afford their monthly mortgage payment.

Though this condition is not one that anybody should be proud off, you do not need to be ashamed of it as well.

1. Sample Letter #1 PDF
2. Sample Letter #2 PDF
3. more

It is mostly because most distress homeowners are too ashamed to talk about the financial difficulties they are facing that is why most of these people end up facing foreclosure because they have sat down idle and allowed their mortgage problems to pile up.

If a delinquent homeowner does not open up about the sort of difficulties he or she is going through, it will be very difficult for anyone to advice such a homeowner on the steps or measures that are available.

Distress homeowners need to talk to their mortgage companies in order to address any mortgage issues that may be developing.

This requires that the homeowner keep track of his or her financial records and mortgage payments and quickly identify when mortgage payments is beginning to become a problem.

If the homeowner is able to contact the mortgage provider at the onset of financial difficulties, then the homeowner will have a lot of opportunities that are geared towards making mortgage affordable for distress homeowners.

Mortgage providers will require prove of financial difficulty on the part of the homeowner. As part of the process most mortgage providers will take the homeowners through, the homeowner will have to write what is known as a mortgage hardship letter.

This letter is simply to officially notify the mortgage provider of the difficulties the homeowner is facing and also put forward the wish of the homeowner to have assistance.

Before writing the hardship letter

it is essential that the borrower fully understands how the extent of his or her monetary problems and the form of assistance the mortgage provider can offer to ease this difficulty.

This is because as part of the body of the hardship letter, the borrower would need to state the type of assistance he or she would want to receive from the mortgage lender.

There are a number of mortgage assistance options like; principal write downs, which according to Fannie Mae is too expensive a venture to undertake on a large scale.

There is also mortgage refinance and mortgage loan modification options as well as a few others. There are always non-profit housing counselors who would take delinquent homeowners through the process of assessing and identifying which option will suit the distress borrower.

Hardship letters should always be specific pieces of documents that would portray the true state of the borrower’s problems to the mortgage lender. The borrower does not need to hide anything from the lender. Your direct and honest approach may help the lender to see why you truly need assistance in order not to fall behind in your mortgage payments.

While you would not need to resort to begging, being arrogant and proud would obviously not help your cause at all. After all the decision to assist you with your mortgage loan rests solely with your mortgage lender.

A compassionate and truthful hardship letter will get you the much needed assistance. If you have not written a hardship letter before, get a professional to assist you but be sure that the letter is tailored to suit your financial conditions.