The "Hardship Letter" is a very crucial element of the Hardship Package that will tell the lender your story. Keep to the facts when writing about your financial situation which lead to a hardship in your household. Begin by compiling all data that is backed by evidence to begin your letter outline. Here are some examples to help you get started of hardships that may be considered by your mortgage lender:
( See our Guide for easy sample hardship letters Click Here)
Tip #1. In the subject line let the loss mitigator know what you are requesting. (to renegotiate the terms of your mortgage, laying out favorable perameters)
Tip #2. Give an explanation as to why you are not able to make your mortgage payments and why you have fallen behind. (Tell your Story!)
Tip #3. Express appreciation in your hardship letter for the reader! Remember: that the Loss Mitigator is the person who is charged with reading all Hardship letters and you want to stand out above many to leave a positive impression.
Tip#4. Keep your hardship letter brief and to the point, no more than one page. (Make use of exhibits to other documents as to reference the facts to keep your letter short.)
Remember that a hardship letter is something that most mortgage companies will require. Why should you spend so much time on a loan modification hardship letter?
Think of it this way: A loss mitigator for a bank is probably tasked with a two to three hundred cases. Just imagine reading that many financial hardship letters. It’s a daunting task and so for you to get quick results and not be mired in with a few hundred possibilities you have to make you financial hardship letter rise above the pack. Knowing the right ways (and wrong ways) to write a loan modification hardship letter can make a big difference in convincing a mortgage lender to modify your loan.
Still have questions? get step by step instructions with the “Ultimate Guide To Easy Hardship Letters” Click HERE
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