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Eligibility requirements and criteria are published at If borrowers do not qualify for loan modification or mortgage refinance through Making Home Affordable programs they may qualify for the foreclosure alternatives program. This program allows borrowers to enter into a short sale or deed in lieu of foreclosure agreement to obtain financial relief. It is important for borrowers to conduct research and determine available home loan options. In addition to loan modifications mortgage refinancing and short selling borrowers might qualify for a forbearance agreement or deed in lieu of foreclosure.
Most lenders will request a hardship letter when you apply for a loan modification for a mortgage account in arrears. The hardship letter is a written account regarding the circumstances that caused you to get behind in your mortgage. It will also give keys facts to the lender to help you keep your home from foreclosure. The hardship financial letter is basically story of how you got into the financial predicament and the events leading up to your present state of solvency. It will tell the lender s key person the loss mitigator the details of the problem and help them decide what to do to help you either keep your home or go for a short sale.
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One of the mistakes many business and professional people make has to do with writing letters about financial matters. Such letters are too often classed as "routine" and are assigned to employees on the lower rungs. However many of these letters can have substantial impact on your business and should be written with care. Financial matters includes correspondence with stockholders evaluating the financial health of a business applying for loans price increases monetary transactions royalties contracts bad risks franchise operations accounting joint ventures and much more. A good financial correspondence can be positive and productive - not only achieving the immediate purpose but improving public relations expanding sales potential and opening doors to other areas of endeavor. This is not to imply that financial letters should be bogged down with irrelevant topics and asides.
It will also help the lender to see how to help you to get back on track. In order to write a good letter you should start with good hardship letter samples. How it works is that the loan mitigator will read the loan modification package that includes the hardship financial letter. Included in the kits will be include financial statements bank account information pay stubs etc. But the most important item is the financial letter because this is your sales pitch to the loan mitigator. And like all good sales pitches you need a guide to follow and hardship letter samples are the best templates to follow.